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All,
What a day, it sure reinforced my opinion that the market has turned
back up. I did open my CSCO position at 70 3/8. Now I want to add a large
cap momentum internet position. After looking at the charts, it's going to
be Amazon (AMZN). I don't have much time to write this up since we are
leaving for Atlantic City for a long week end in the morning. I'll just say
that everyone knows the AMZN story and I expect a seasonal kick from the
Christmas selling season. I did get a MetaStock Tema PDI-MDI buy signal
yesterday. It broke out of a Short Term Down Trend Channel (STDTC) a few
weeks ago and established a new Short Term Up Trend Channel (STUTC). It
bounced up off the bottom of that STUTC yesterday and today. I'm going to
open a position Monday with a Target of 110 and a stop just below the recent
low at 55 ¾.
See CSCO Chart at http://www.geocities.com/WallStreet/Highrise/1025/
JimG
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