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Hi Mr. Greening,
Being relatively new to the metastock list (I'm considering moving
from Omega's Supercharts 4.0 to Metastock's EOD), this is only the
first opportunity I have had to read your work. I must say that you
appear to have a very methodical approach to your trading/investing.
Having said that, I was wondering if you would be so kind as to forward
me the two charts (SCH & CTI) you previously referenced below. As for
your position in MSFT, have you commented previously on the "potential"
Head & Shoulders top that is forming so nicely on the weekly chart? If
so, do you have any current thoughts on the aforementioned bearish
pattern sir? Finally, how long have you been using Metastock and would
you personally recommend the EOD version?
Thank you in advance,
Betty
--- Jim Greening <JimGinVA@xxxxxxxxxxxxx> wrote:
> All,
> A much needed up week for a change, now if we
> can only get a few in a row. Even with the up week,
> I had a lot of portfolio rotation. I did add the
> MSFT position on Tuesday. On Friday, IOM and PMRY
> closed below my stops so I'll close those positions
> Monday morning. Looking at the indices, The DJI did
> bounce nicely off the bottom of its Intermediate
> Term Up Trend Channel (ITUTC) and all the other
> indices I follow were up for the week. Therefore
> there is no reason to change my opinion that we may
> be starting the summer rally and I will play it with
> a mix of small and large cap stocks. The only black
> cloud on the horizon is Guy's short signal and he
> says it may be a little early. If he's right, and
> he has been very accurate, we could see most of the
> indices rise to test last month's highs and then
> retreat from the double tops. That's not what I'm
> predicting, but I'll sure be on the look out for it
> <G>. In the mean time, I'll proceed as planned.
> This week I'm going to add both a small cap and
> a large cap if they break out. My pick for the
> large cap is Schwab (SCH) and for the small cap it's
> Chart Industries (CTI).
> SCH at 101 is being pressed into a corner
> formed by the top of its Short Term Down Trend
> Channel (STDTC) and the bottom of its Intermediate
> Term Up Trend Channel. One or the other, has to
> break and I think the better ITUTC will hold.
> However, just to play it safe. I'll wait for the
> STDTC to break and place a buy stop just above it.
> SCH hit an all time high at 155 on 4/14/99 and then
> fell to a low of 96 1/8 Wednesday. That's almost a
> 40% correction in two months and should be enough
> for a strong stock like this <G>. The StochRSI
> indicators look like they could be setting up for a
> buy signal with the 13 negative but moving up and
> the 55 looking like it is near a negative peak. The
> fundamentals are good except for the price/sales and
> P/E which are still very high at 13.54 and 94
> respectively. However, this is offset by a 30%
> annual revenue growth and a 54% annual earnings
> growth. I'm going to enter a buy stop just above
> the top of the STDTC at 108. If I don't get the
> position and the stock doesn't close below the
> bottom of the ITUTC, I'll move my buy stop down each
> day just above the top of the channel. If I do get
> the position, I'll set my target just below the
> April high at 154 and my stop just under the bottom
> of the ITUTC at 95 3/4.
> CTI at 9 5/8 looks like it is trying to bounce
> off the bottom of its STUTC. The top of the MS
> standard deviation STUTC (dev at 2) is at 13 1/2 and
> the bottom (dev at 1) is at 9 1/2. It set an all
> time high of 23.29 on 4/27/98, then fell to a low of
> 5 1/8 on 10/09/98. It then rose and broke out of
> its Intermediate Term Down Trend Channel (ITDTC)
> then moved sideways to form a 7 month long
> Horizontal channel (HC). It broke out of the top of
> that HC a month ago, pulled back into the HC then
> broke out again two weeks ago. It ran up for a week
> then fell back to the bottom of its STUTC and the
> top of the old HC to its current position. The Tema
> Binary Wave and QStick are both positive indicating
> an up trend. I'm going to enter a buy stop at 10
> which is just above Thursday's high. I'll leave
> that buy stop in place until I either get the
> position or the stock closes below the STUTC. If I
> get the position, I'll set my target just under the
> all time high at 23. I'll set my stop just under
> the bottom of the STUTC at 8 3/4.
> I'm sending SCH.GIF and CTI.GIF charts to
> everyone on my email list.
>
> JimG
>
>
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