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All,
A good move up today and I'm becoming more and more bullish. I want to
get back to fully invested in the next few days. To help do that, I'm going
to add a position in PeopleSoft Inc. (PSFT) tomorrow. I know I said I was
going to add several small caps, but this is another large cap that has been
in an extensive down trend and now looks like it is reversing to the upside.
I just couldn't resist <G>.
PSFT at 17.30 shot up like a rocket yesterday and again today and broke
out of the Long Term Down Trend Channel (LTDTC). The LTDTC had been in
effect since the all time high of 56.68 on 4/20/98. It fell from that high
to a low of 11.50 on 4/20/99. It then began a slow rise, but mostly
sideways moment until yesterday's jump. I think this breakout has signaled
a turn up and will open a half size position tomorrow. Since there isn't
enough data for a reliable Short Term Up Trend Channel (STUTC) I'll set my
stop just under the 9/2/99 low at 12 ¾.
See charts at my web site:
http://www.geocities.com/WallStreet/Highrise/1025/
JimG
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