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All,
A tough week for my portfolio. I thought I would get stopped out of
some positions yesterday, but all my stocks closed above their stops.
However, C and CPU are close. Looking at the NASD OTC index, we are getting
close to the bottom of the well defined Intermediate Term Up Trend Channel
(ITUTC) and the odds favor a turn to the upside Monday or Tuesday.
Expecting (hoping) that will happen, I want to add another long position.
This week I concentrated on the gaming industry which has been showing some
signs of life recently. I finally decided to go with Mirage Resorts (MIR).
MIR at 23 5/8 is in a Short Term Up Trend Channel (STUTC) with the top
at 28 1/2 and the bottom at 23 1/4. It peaked at 30 3/8 a couple of years
ago which was the last time the gaming industry had a good run. From there
it fell to a double bottom of 13.19 on 12/22/98 and again on 1/28/99. It
then rose to break out of its Intermediate Term Down Trend Channel on
2/19/99 and moved up to almost 26 a couple of times in forming its current
STUTC. The Tema PV Binary Wave and the StochRSI_21 both confirm the up
trend. The fundamentals are improving with the Price/Sales at 2.93,
Debt/Equity at 1.48, its revenues are increasing at almost a 70% rate as
it's new properties come on line. It's earnings are still declining due to
high start up costs, but the Bellagio start up costs should be just about
over. Analyst's are predicting a big up tick in earnings later this year.
I'm going to set a buy stop just above Friday's high at 24 1/2 to catch the
expected turn. If it closes below 22 3/4 before the buy stop is hit, I'll
cancel the buy stop. If I do get the position, I'm going to set my target
just under the old high at 30, and my stop at 22 3/4.
I'm sending a MIR.GIF chart to everyone on my email list.
JimG
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