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First, let me say that I agree with your purchase of CSCO. Cisco is a
great company, and I have a large long-term position in it.
But I don't understand the channel you draw (which looks to me
completely arbitrary.) There are no support points for your top line,
and only two for the bottom.
OTOH, there is a clear channel including all data from February 1999
through the present. Also, if you look at the longer term channel
that CSCO was in from Nov 1995 thru Nov 1997, the top of that channel
is now the bottom of the current channel (a case of resistance
becoming support.)
Here's a link to my CSCO chart:
http://www.white-crane.com/stocks/csco.gif
On Wed, 1 Sep 1999 20:12:17 -0700, "Jim Greening"
<JimGinVA@xxxxxxxxxxxxx> wrote:
>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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