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All,
The beat goes on! Even though the DJI dropped Friday, the NASD broke
out to a new all time high. I did add PSFT at 17 ¾ and still have enough
cash for one more position before I'm fully invested again. I intend to add
that position and become fully invested Monday - that's probably a good sell
signal for you contrarians out there <G>. Since the NASD was the indicator
that broke out, I think I'd like to add another internet position. After
looking at the charts, I came up with Theglobe.Com Inc. (TGLO). TGLO
provides free Internet services, including Web site building, chat rooms,
e-mail, and a marketplace for various products. The story here is that
Friday it introduced a fun, fast and easy way to bring people across the
globe together around common interests and lifestyles with the launch of
"globelists" (globelists.com). Users of "globelists" can share their
passions and exchange ideas with the entire world or a select group of
friends through creating or joining special interest e-mail clubs or
"globelists." This new community feature is the first in a series of tools
theglobe.com Network will roll out in the upcoming months to enhance the
online experience of its users.
TGLO at 15.44 rocketed up Friday and broke out of its Short Term Down
Trend Channel (STDTC). This is a relatively new, extremely volatile stock.
On its first day of trading on 11/13/98 it traded as high as 48 ½ and closed
at 45. From there it fell to a low of 13 ½ on 12/04/98. It then zigzagged
up to a high of 42 ¾ on 4/9/99 before starting the STDTC it broke out of
Friday. With the news on its new site, I think there is a good chance it
will make a quick run to test the April high. There isn't enough data for
most of my indicators, but the Tema StochRSI 13 did turn positive Friday.
The fundamentals are what you expect from an internet stock, not good <G>.
This is an extremely volatile, small cap speculation, and is not
suitable for most investment portfolios. Please consider this if you are
thinking about a position in this stock. I'm going to open a position
Monday to add some spice to my portfolio. I'll set my target just under the
April high at 40 and set my stop at last week's low of 9 ¾.
See chart at http://www.geocities.com/WallStreet/Highrise/1025/
JimG
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