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All,
Looking at the DJI Chart, it looks like it is now trying to bounce off
the bottom of its Intermediate Term Up Trend Channel. The rest of the
market indices I follow haven't gotten to the bottom of their channels yet.
That may mean that the large cap stocks are going to lead another turn up.
I want to be on board if it does <G>.
I'm over 50% cash right now and want to add another large cap position
if they do take off. What I want is a large cap momentum play. Looking at
the charts, Cisco Systems (CSCO) looks like the best bet. It's in the
middle of its ITUTC and just set a new all time high of 70.31 a week ago
before pulling back to the bottom half of its Short Term Up Trend Channel
during the last week. I'm going to set a buy stop of 70 3/8 which will be
another breakout to a new all time high. If I get the position, I'll set
the stop just under the STUTC at 65 3/4.
See Charts at http://www.geocities.com/WallStreet/Highrise/1025/
JimG
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