From: owner-canslim-digest@lists.xmission.com (canslim-digest) To: canslim-digest@lists.xmission.com Subject: canslim-digest V2 #209 Reply-To: canslim Sender: owner-canslim-digest@lists.xmission.com Errors-To: owner-canslim-digest@lists.xmission.com Precedence: bulk X-No-Archive: yes canslim-digest Friday, April 24 1998 Volume 02 : Number 209 In this issue: Re: [CANSLIM] M & psychology Re: [CANSLIM] M & psychology Re: [CANSLIM] M & psychology Re: [CANSLIM] IBD 4/24 "Sister Act" RE: [CANSLIM] IBD 4/24 "Sister Act" [CANSLIM] The prickly "M" question? Re: [CANSLIM] Langston's Comment on History of List Re: [CANSLIM] Breakout FAF Re: [CANSLIM] Intro Re: [CANSLIM] Intro Re: [CANSLIM] Datek (was M) [CANSLIM] All I can say is "the end" is near... Re: [CANSLIM] Datek (was M) [CANSLIM] on Datek and Ameritrade Re: [CANSLIM] M & psychology [CANSLIM] M Head Re: [CANSLIM] M & psychology Re: [CANSLIM] on Ameritrade and Etrade Re: [CANSLIM] Short anyone? Re: [CANSLIM] Non-Canslim: STLTF [CANSLIM] Shorting: OBV/MF Re: [CANSLIM] on Datek and Ameritrade ---------------------------------------------------------------------- Date: Fri, 24 Apr 1998 21:45:45 +0200 From: Johan Van Houtven Subject: Re: [CANSLIM] M & psychology DC wrote: >I think the rally suddenly starts because of precieved, relative value to the >people that control the big buying power. Couple this with lack of selling >preasure and the market can move up extremely fast....thus a 1% OR 2% day to >the upside Ok. But they almost must know or anticipate that better times are ahead. That earnings will not be as bad as they thought they would (due to the Asian flu). I have a few idea how they could get this kind of data from the co's or form the co's that buy from the co's they are analyzing. >I honestly believe that many of the big boys don't know much more than we do >when it comes to the general market. For example, Every fund manager around >was pounding the table in late December/early January for a "January effect" >rally..........didn't happen until February. They could not will the market >higher because the selling pressure had not subsided. They may have more info >and research..but WON's market bottoming techniques are pretty great if you >ask me. The big boys are just as lemming-like and many other investors, IMHO. I would agree that it is very likely that most of them are lemming like. But I'm not interested in the lemmings. I'm interested in the very few that start it all of, the leaders, the high performance (high RS :) guys. Johan Van Houtven CLICK! N.V. / Wilrijk, Belgium - - ------------------------------ Date: Fri, 24 Apr 1998 21:54:06 +0200 From: Johan Van Houtven Subject: Re: [CANSLIM] M & psychology At 03:18 PM 24-04-98 -0400, you wrote: >If you did, I think you'd find a lot of "reacting" instead of acting. >Mutual funds lately have a history of playing catch up, which is what >this did in the first qtr. They listened to all the bearish comments >and sat on cash, then saw the mkt once again racing away from them OK Tom. Let me be more precise. I want to visit those that start it all. That make the market move. Not the once that are reacting. We, as CANSLIM-ers know when to react. But I'd like to know who makes it possible for us to be reaction types. We react by buying good CANSLIM stocks after the market says 'buy'. But a few have to start it all, they make the two 1% days happen. They some somethings most others don't. Theses are the ones I'm looking for. BTW,don't worry, I quite realistic, and know that my chances of getting to know what they are, are close to zero. Anyway it is fascinating to think about it. Johan Van Houtven CLICK! N.V. / Wilrijk, Belgium - - ------------------------------ Date: Fri, 24 Apr 1998 16:03:59 -0400 From: "Tom Worley" Subject: Re: [CANSLIM] M & psychology In truth, I think you would find that the institutional "decision makers" that have made it happen vary from one rally to another. I don't think there has been any consistency, or we would have been reading articles about so-and-so who correctly picked the right time to jump back in three times or so running. Those that were wrong, we rarely hear about. Those that have been right, weren't right often enough to talk about. As a community, I personally think they are followers, not leaders. Tom W - -----Original Message----- From: Johan Van Houtven To: canslim@lists.xmission.com Date: Friday, April 24, 1998 3:54 PM Subject: Re: [CANSLIM] M & psychology >At 03:18 PM 24-04-98 -0400, you wrote: >>If you did, I think you'd find a lot of "reacting" instead of acting. >>Mutual funds lately have a history of playing catch up, which is what >>this did in the first qtr. They listened to all the bearish comments >>and sat on cash, then saw the mkt once again racing away from them > >OK Tom. Let me be more precise. I want to visit those that start it all. >That make the market move. Not the once that are reacting. We, as >CANSLIM-ers know when to react. But I'd like to know who makes it possible >for us to be reaction types. We react by buying good CANSLIM stocks after >the market says 'buy'. But a few have to start it all, they make the two 1% >days happen. They some somethings most others don't. Theses are the ones >I'm looking for. > >BTW,don't worry, I quite realistic, and know that my chances of getting to >know what they are, are close to zero. Anyway it is fascinating to think >about it. > > > >Johan Van Houtven >CLICK! N.V. / Wilrijk, Belgium > > >- > - - ------------------------------ Date: Fri, 24 Apr 1998 16:06:01 -0400 From: Connie Mack Rea Subject: Re: [CANSLIM] IBD 4/24 "Sister Act" McKeener-- Thank you for nice the words. I feel better already in this rotten market. I've got to get busy and find us some OBV/MF/CANSLIM stocks. Connie Mack mckeener@ix.netcom.com wrote: > Hi Everyone, > > There's a good article about how twin sisters invest in today's, 4/24, > IBD. They use an > estimate service to get forecasts for 3 to 5 years. Anyone know the > names of some services that > do this? > Thank you. > > Connie, you are an asset to this group and I'm certain I'm not the > only one who appreciates your > input. By the way, I am still studying your charting style. > > Charles, I also think there are too many people out there who invest > without any system, > discipline or direction. CANSLIM isn't the only way, as Johan said, > but I sensed that's not > what Charles meant. > > And, Tom, always appreciate your analysis of the general market, U.S. > and abroad. > > I'm looking forward to the day I'll add something really worthwhile to > this group. > > Regards, > Mary > > - - - ------------------------------ Date: Fri, 24 Apr 1998 13:13:23 -0700 From: Brian Nash Subject: RE: [CANSLIM] IBD 4/24 "Sister Act" Well, look at it this way: rotten market = smaller watchlist > -----Original Message----- > From: Connie Mack Rea [SMTP:rea1@dp.net] > Sent: Friday, April 24, 1998 4:06 PM > To: canslim@lists.xmission.com > Subject: Re: [CANSLIM] IBD 4/24 "Sister Act" > > McKeener-- > > Thank you for nice the words. I feel better already in this rotten > market. > > I've got to get busy and find us some OBV/MF/CANSLIM stocks. > > Connie Mack > > > mckeener@ix.netcom.com wrote: > > > Hi Everyone, > > > > There's a good article about how twin sisters invest in today's, 4/24, > > IBD. They use an > > estimate service to get forecasts for 3 to 5 years. Anyone know the > > names of some services that > > do this? > > Thank you. > > > > Connie, you are an asset to this group and I'm certain I'm not the > > only one who appreciates your > > input. By the way, I am still studying your charting style. > > > > Charles, I also think there are too many people out there who invest > > without any system, > > discipline or direction. CANSLIM isn't the only way, as Johan said, > > but I sensed that's not > > what Charles meant. > > > > And, Tom, always appreciate your analysis of the general market, U.S. > > and abroad. > > > > I'm looking forward to the day I'll add something really worthwhile to > > this group. > > > > Regards, > > Mary > > > > - > > > > > - - - ------------------------------ Date: Fri, 24 Apr 1998 17:17:47 -0400 From: Jeffry White <"postwhit@sover.net"@sover.net> Subject: [CANSLIM] The prickly "M" question? Paul, you wrote: > Ah, the prickly "M" question. :-) > > I'm sure there have been many threads on this subject. After all, if you > had a pretty good sense of which way "M" was going, you could dispense with > CANSLIM altogether and retire to Tahiti. I'm curious as to which indicator > you are using for this. > Now, if you are suggesting a computerized system which plays the CANSLIM "M" with index futures contracts, it's been done, and I can (and have others) direct you there. If you are willing to let others do your trading for you, with that system, you may be able to buy Tahiti in a few short decades. Is this your point? On the other hand, if you are talking about trading stocks, and I don't want to sound *too* sarcastic, but a "pretty good sense of which way the "M"" is going is found in Chapter 7 of HTMMIS. True, we've not all retired to Tahitian type environments, but if you will read that chapter, study the indices and recognize how to identify the critical price and volume indicators, watch sentiment, etc., you will be a lot closer to at least a "Tahitian vacation" than if you simply ignore much of the "M" effort that most, if not all, of us are trying so hard to get a "pretty good sense of" every single day on this thread and off. As for "indicators"? Again, Chap. 7 is a good place to start, followed by a lot of hard work and practice. Regards, Jeffry (trying to behave under the watchful eye of Dave C) - - ------------------------------ Date: Fri, 24 Apr 1998 15:29:00 -0600 From: jeff@scrooge.csd.sdl.usu.edu (Jeff Salisbury) Subject: Re: [CANSLIM] Langston's Comment on History of List On Apr 24, 2:52pm, Tom Worley wrote: > Subject: Re: [CANSLIM] Langston's Comment on History of List > I know when I joined this group about two years ago, I never expected > to see it reach this point. You done good, Jeff. So, when's the > celebration party?? You are going to hold it some place other than > Utah, right?? > > Tom W >-- End of excerpt from Tom Worley What's wrong with Utah?!? :^) Not close enough to Florida? Not enough of a party reputation? Actually, this is a great time of the year. Got up to 65 degrees yesterday, and everything is greening up. Right now, I'm looking out my office window at the green grass, the snow peaked mountains (less than a mile away), and the storm clouds rushing across the mountains. A robin just flew onto my window sill and is jousting with its own reflection (no kidding). Its been sun'ing and storming today. I love this time of the year... Jeff PS Go Jazz!! We'll see if they can come back after getting thumped by the Housten Rockets last night... - - ------------------------------ Date: Fri, 24 Apr 1998 17:38:31 -0400 From: "Tony Austin" Subject: Re: [CANSLIM] Breakout FAF Retracted today, but held above the previous high of 69. Looks very bullish. Here's hoping the market permits an advance. Tony - ---------- > From: peterc@loxinfo.co.th > To: canslim@lists.xmission.com > Subject: [CANSLIM] Breakout FAF > Date: Friday, April 24, 1998 5:34 AM > > >From my watchlist. FAF reported blowout earnings, and broke out nicely > on big volume. > > - > - - ------------------------------ Date: Fri, 24 Apr 1998 18:07:17 -0400 From: "Tony Austin" Subject: Re: [CANSLIM] Intro Greetings all. I am another new comer to the list. Just wanted to introduce myself. I'm a practicing Structural Engineer in Chas.,SC. Have been trading stocks for a couple of years now. Have traded in several different ways over that time. Given my technical background, I obviously lean toward the technical analysis of the market. When I first started trading, as I'm sure many do, I just bought what I thought was a good stock. Results were not impressive. Then, I read and studied everything there was to be found on trading the markets. Confident in my new knowledge, I jump'd straight into years of short term daytrading. Those results were very mixed. When the market is good, it is easy to turn very large profits daytrading. I did over 80% in Feb of this year, one of my better months. When the market isn't good, I don't do so well. I have given all of that 80% back this month. In an extended market, as in this approach, getting stop'd out time and again, can impact your account quickly. So here I am, a burned out daytrader, thinking there has to be a way to get respectable returns without the emotional yo-yo ride and constant stress of watching your trades. During my early studies, I read HTMMIS. I knew then, that this method had a great deal of merit. But being Mr. Impatience, I thought I could do better and faster. Who cares if you can, the stress isn't worth it. So, I have returned to what I knew was the desired course. But I must tell you, I am having a real hard time with the patience it takes to trade the CANSLIM way. I've already jumped into a couple that technically are screaming "buy", even though the market is questionable. The patience will come in time. Tony - - ------------------------------ Date: Fri, 24 Apr 1998 17:29:18 -0500 From: "Chris McKeever" Subject: Re: [CANSLIM] Intro Hey..I am the new guy here too, but I am totally limited in any knowledge, have the book and skimmed through it, but I really need to sit down with it Iwant to try the buddy system? I just may need another beginner to bounce off my interpretatio of all the ramblings on the message server... let me know chris - -----Original Message----- From: Tony Austin To: canslim@lists.xmission.com Date: Friday, April 24, 1998 5:10 PM Subject: Re: [CANSLIM] Intro > >Greetings all. > >I am another new comer to the list. Just wanted to introduce myself. > >I'm a practicing Structural Engineer in Chas.,SC. Have been trading stocks >for a couple of years now. Have traded in several different ways over that >time. Given my technical background, I obviously lean toward the technical >analysis of the market. > >When I first started trading, as I'm sure many do, I just bought what I >thought was a good stock. Results were not impressive. > >Then, I read and studied everything there was to be found on trading the >markets. Confident in my new knowledge, I jump'd straight into years of >short term daytrading. Those results were very mixed. When the market is >good, it is easy to turn very large profits daytrading. I did over 80% in >Feb of this year, one of my better months. When the market isn't good, I >don't do so well. I have given all of that 80% back this month. In an >extended market, as in this approach, getting stop'd out time and again, >can impact your account quickly. > >So here I am, a burned out daytrader, thinking there has to be a way to get >respectable returns without the emotional yo-yo ride and constant stress of >watching your trades. > >During my early studies, I read HTMMIS. I knew then, that this method had >a great deal of merit. But being Mr. Impatience, I thought I could do >better and faster. Who cares if you can, the stress isn't worth it. > >So, I have returned to what I knew was the desired course. But I must tell >you, I am having a real hard time with the patience it takes to trade the >CANSLIM way. I've already jumped into a couple that technically are >screaming "buy", even though the market is questionable. The patience will >come in time. > >Tony > >- > > - - ------------------------------ Date: Fri, 24 Apr 1998 13:27:28 -1000 From: "frank swenson" Subject: Re: [CANSLIM] Datek (was M) I had a problem with Datek today.The following is a copy of an email that I sent them which outlines the problem I had. Also, Tom if a brokerage lets me take a short position, don't they have to have shares available for me to buy? "I have a serious complaint regarding your service. On Friday with 6 minutes left until the market closed I attempted to place a market buy order to cover a short position on LCOS. After repeated attempts to connect with Datek you finally picked it up with 3 min left until close. "Buying 500 shares of LCOS at Market. Tracking#: G-000-AACO-8990 04/24/98 15:57:28 " I assumed that on a hotly traded issue like LCOS (2.2 Million shares on Friday), filling a market order would not be a problem. Later I noted that the order was being "processed". After about 1 1/2 hours I checked the open orders and noted that there were no orders pending. However I was dismayed to find that I still had the short position in my portfolio, so I tried to call Datek. After waiting on hold for 15 min I was disconnected by Datek, so I redialed and waited again to talk to someone. I finally, did get through to someone who said that he would have to research the issue. After another 5 min on hold he told me that the order was rejected, basically because no one picked up the order. I was unhappy with his explanation so I asked to talk to someone else. A person who identified himself as Chis got on the phone. He told me that "Datek did its job". and its not their fault . So am I to understand Datek cannot fill a market order on an issue that traded 2 million plus shares that you acknowledge receiving 3 minutes before close? AND you consider that as doing your job when you advertise the quickness of your executions? In the meantime I have to carry an unwanted position over the weekend, paying Datek margin interest with no guarantee that I can buy to cover at the offer price I wanted. In my opinion, Datek overlooked my order,and is trying to rationalize their mistake. I would therefore request that you research this again and provide me with a written explanation ( e mail is fine). I will then decide as to how I will proceed with my complaint." - -----Original Message----- From: Tom Worley To: canslim@lists.xmission.com Date: Thursday, April 23, 1998 2:53 AM Subject: Re: [CANSLIM] Datek (was M) >I too heard a lot about Datek's troubles last fall during the heavy...... >-snipped- - - ------------------------------ Date: Fri, 24 Apr 1998 18:00:13 -0700 From: Kom Tukovinit Subject: [CANSLIM] All I can say is "the end" is near... ... Daily Graphs Online has a new version, 3.0, dated 4/23/98 available on our website at www.dailygraphs.com, so we encourage everyone to download this latest version. This should be Daily Graphs last version update before we begin to start charging for the service. You will want to check you email during next week for an update on the ending of the beta-testing period. We are getting close to setting a date for when the servie will no longer be free, but we will be sending numerous emails and provide details on our website. Everyone will have to register again and new usercodes will be assigned to prevent anyone from being charged for t he service without their approval. We have appreciated everyone’s comments and suggestions during the beta-testing phase of Daily Graphs Online, Your ideas have been invaluable and will greatly assist in the evolution of the service in the future. We hope everyone has enjoyed the service. Please remember to check your emails next week for further details on when the service will end its beta-testing phase. Thank you! Daily Graphs Online - - ------------------------------ Date: Fri, 24 Apr 1998 20:56:01 -0700 From: Subject: Re: [CANSLIM] Datek (was M) The fact that you were able to connect that close to closing is amazing. I am with Datek also and would hate to try an connect at the last minute to place a crucial trade, the response at this time is really bad. Also have any of you datek folks noticed how slow the "real time " quotes are. after I get a couple of quotes the thing gets slower and slower until it locks my browser up. Just some observations of mine. David the rookie - -----Original Message----- From: frank swenson To: canslim@lists.xmission.com Date: Friday, April 24, 1998 4:30 PM Subject: Re: [CANSLIM] Datek (was M) >I had a problem with Datek today.The following is a copy of an email that I >sent them which outlines the problem I had. Also, Tom if a brokerage lets me >take a short position, don't they have to have shares available for me to >buy? > >"I have a serious complaint regarding your service. On Friday with 6 minutes >left until the market closed I attempted to place a market buy order to >cover a short position on LCOS. After repeated attempts to connect with >Datek you finally picked it up with 3 min left until close. >"Buying 500 shares of LCOS at Market. Tracking#: G-000-AACO-8990 04/24/98 >15:57:28 " >I assumed that on a hotly traded issue like LCOS (2.2 Million shares on >Friday), filling a market order would not be a problem. Later I noted that >the order was being "processed". After about 1 1/2 hours I checked the open >orders and noted that there were no orders pending. However I was dismayed >to find that I still had the short position in my portfolio, so I tried to >call Datek. After waiting on hold for 15 min I was disconnected by Datek, so >I redialed and waited again to talk to someone. I finally, did get through >to someone who said that he would have to research the issue. After another >5 min on hold he told me that the order was rejected, basically because no >one picked up the order. I was unhappy with his explanation so I asked to >talk to someone else. A person who identified himself as Chis got on the >phone. He told me that "Datek did its job". and its not their fault . So am >I to understand Datek cannot fill a market order on an issue that traded 2 >million plus shares that you acknowledge receiving 3 minutes before close? >AND you consider that as doing your job when you advertise the quickness of >your executions? In the meantime I have to carry an unwanted position over >the weekend, paying Datek margin interest with no guarantee that I can buy >to cover at the offer price I wanted. In my opinion, Datek overlooked my >order,and is trying to rationalize their mistake. I would therefore request >that you research this again and provide me with a written explanation ( e >mail is fine). I will then decide as to how I will proceed with my >complaint." > >-----Original Message----- >From: Tom Worley >To: canslim@lists.xmission.com >Date: Thursday, April 23, 1998 2:53 AM >Subject: Re: [CANSLIM] Datek (was M) > > >>I too heard a lot about Datek's troubles last fall during the heavy...... >>-snipped- > > >- > > - - ------------------------------ Date: Fri, 24 Apr 1998 21:47:31 -0400 (EDT) From: Deepak Kapur Subject: [CANSLIM] on Datek and Ameritrade My limited experience in communicating with Datek has not been good either. When I opened an account with them in March, last year, they mispelled my name in my account. I pointed the error to them at least three times. Each time they asked me to provide the change in writing, which I did, but it never got fixed. Repeated emails and phonecalls would get unnoticed. Some emails would be replied at least a week later. After many such complaints, finally they fixed the name after I kept communicating with one particular individual on their staff. It took nearly 3 months. Whenever I have made inquiries by email or phone to their generic email address or 800 number, I never get a proper response. More recently, Datek announced with much fanfare new improvements to their site (as pointed out by others, they got rid of some very nice features so it is unclear whether new features are improvements over what was available before). One such feature among others (access to bigcharts), is the checkwriting facility, for which one could sign up electronically in early Feb. We were promised check books etc within a few weeks. It has been over 2 months, and there is no sign of checks or check-writing feature. And, of course, real time quotes are rarely real time; often day's high and low, and volume figures are wrong. Similarly, dealings with Ameritrade have become a serious headache, of late. Before Aufhauser merged into Ameritrade, I had very pleasant experience with Aufhauser. My account was assigned an account executive, who was prompt in response. For any problem, one could get in touch with the executive, and she would research and call back or email promptly. I would get quick electronic confirmations of trades executed, or change of orders. Last fall, after the merger, there is no executive assigned any more to the account. One has to call the 800 number or send email to a generic address. You are lucky these days to get a responce back in 48 hours. They have been bringing down their web sites often to make enhancements. It has been disaster only after every enhancement. I rarely get confirmations by email these days. The order status page does not get updated. So you do not know what is going on: whether your orders got executed, or changes you requested, got made. If you call their 800 number, you have to wait for nearly 10 minutes, and sometimes even longer. The person responding is often unable to figure things out. It is not looking good any more. Be warned. Deepak Kapur - - ------------------------------ Date: Fri, 24 Apr 1998 21:48:08 -0400 From: "Frank V. Wolynski" Subject: Re: [CANSLIM] M & psychology At 21:54 4/24/98 +0200, Johan Van Houtven wrote: >OK Tom. Let me be more precise. I want to visit those that start it all. >That make the market move. Not the once that are reacting. We, as >CANSLIM-ers know when to react. But I'd like to know who makes it possible >for us to be reaction types. We react by buying good CANSLIM stocks after >the market says 'buy'. But a few have to start it all, they make the two 1% >days happen. They some somethings most others don't. Theses are the ones >I'm looking for. > >BTW,don't worry, I quite realistic, and know that my chances of getting to >know what they are, are close to zero. Anyway it is fascinating to think >about it. > > >Johan Van Houtven >CLICK! N.V. / Wilrijk, Belgium > An interesting thread! I believe what they are more than any other thing is "correct". That seems overly simplistic so let me explain before I have angered you. The day before the 1% moves, stock was sold and bought also. Actually at the best of all prices! But we only know that in retrospect! We didn't know it then! I can only speak for myself, but when sentiment was very bleak, the foreign markets looked the worse they possibly could, Asia just kept going down, down and down, I heard not a single analyst/fund manager who was bullish or even willing to nibble. Then the Nikkei average had a big drop during a single session. I think even the elementary school kids waiting on their bus knew how horrible market conditions were. The next morning a Japanese investor walked into the Toyko exchange and held one of the exchange executives hostage. It was the scariest day I had felt in a big while. I called my fund managers that day and moved everything I had to foreign market funds. It couldn't possibly get any worse. It didn't, I caught the low. The up days followed, up 3%, 4%, 1.5%, back up 14% during the next 3 weeks, an additional 10% through April. This represented quite a move for an annuity account with a sizeable amount invested in the account. If we were all in a cave that is pitch black, but suddenly a pin prick of a hole appeared in the surrounding walls, some would be looking the other way, some would be asleep, some would be simply rubbing their eyes. First one would spot the light and move, attracting attention, then a second gets the idea that maybe this is a way out! And so on, and so forth, until we are all racing toward the light. Now the caveat, sometimes the light turns out to be the headlight of an oncoming train! Sorry for borrowing a very old joke, but that is to say, sometimes I, and many others are wrong. My gamble, hope, delusion, expectation was for others to see the extreme in all things (especially the market things) and do the opposite of what their gut fears was demanding they do! The players the day before me were out of balance, sellers 80, buyers 20. We balanced the day I bought, lucky me. I used a bit of technical analysis, a bit of sentiment and mostly my sense that all selling had had plenty of opportunity to do just that. It couldn't get worse. Call it contrarianism if that makes you comfortable. Will it work again? Sure, but not the same way, conditions change daily, moment by moment. I certainly don't have the delusion that I in any way affect any market, at any time, but enough of us, and well...... that is different. I like to call it "staying on the dry side of the log". The reference of course to log rolling. I also call it "Often wrong, plan accordingly." It is part of my "planning accordingly". It works for me. I don't recommend it to anyone else. Frank Wolynski ( Often wrong, plan accordingly!) - - ------------------------------ Date: Fri, 24 Apr 1998 21:47:30 -0400 From: Jeffry White <"postwhit@sover.net"@sover.net> Subject: [CANSLIM] M Head Well, I spent so much time agonizing over this small stock histeria, and blankly commented that I didn't see any distribution in the indices, that I'm a bit embarrassed when I look at the SP, NYSE and NASDAQ sitting here, but maybe fortunately near cash. Does anyone see Wednesday as a distribution day in all three of these indices? Actually in the NYSE and SP Tuesday may be as well. Focusing on these two indices (forgetting the Nasdaq for a moment), both Tuesday and Wednesday showed higher daily volume than the prior "without significant price progress", maybe? Nasdaq had a billion share day on Wednesday, but was less than 1% really that "significant" a price improvement with the at about the middle of the day's range, albeit marginally the high end? Well, if those were "distribution days", then the charts for Thursday and Friday's action take on the look of a couple more days down, and then a "failed rally attempt" watch (third time since early March). With sentiment so high, and the dogs barking, but now getting crushed, leaders failing (PAYX, WFMI, IMRS, net stocks, and others that we've watched lead the charge since Jan.), maybe it's time to pay closer attention to the basics. Does anyone see it that way, or am I decieving myself that my head has cleared a bit? Right now, I can't get access to high, low and close prices. But these day's are not the "reversal" type distribution that is pretty common after a 1% on volume day like we had recently. These are more "compression" like, which is what lead to the early October 97 correction later in the month. I'll study it more closely over the weekend. Any thoughts??? Jeffry - - ------------------------------ Date: Fri, 24 Apr 1998 21:57:09 -0400 From: "Frank V. Wolynski" Subject: Re: [CANSLIM] M & psychology This is why Elders, "Trading for a Living", says that every bull market has its guru, its timer, its "Ace Picker". Joe Granville has been wrong since the mid 80's, but is still cranking out the investment letters. The parade of "you were right last quarter" is really the only way the talk shows can offer anything constructive to the puzzle. How would ratings suffer if instead they paraded the losers through the interview process! Even though we might have learned more based on what the winners have had to say! Where did I read "Even a blind squirrel find a nut every now and then"? Dunno........ I've given the idea of investing $500 million some thought. No not in a deluded fantasy, but in an attempt to understand why most fund managers do so poorly. I have to admit, riding herd on $500 million would be tough indeed! Frank Wolynski At 16:03 4/24/98 -0400, Tom Worley wrote: >In truth, I think you would find that the institutional "decision >makers" that have made it happen vary from one rally to another. I >don't think there has been any consistency, or we would have been >reading articles about so-and-so who correctly picked the right time >to jump back in three times or so running. Those that were wrong, we >rarely hear about. Those that have been right, weren't right often >enough to talk about. As a community, I personally think they are >followers, not leaders. > >Tom W > - - ------------------------------ Date: Fri, 24 Apr 1998 19:03:08 -0700 From: Kom Tukovinit Subject: Re: [CANSLIM] on Ameritrade and Etrade My trading experience with Ameritrade is that their systems are often down, even during non-trading time! One day last month, an overnight upgrade brought the trading system, both computer and voice, down to a halt and trading ceded at Ameritrade---talk about catastrophic upgrade! Right now I am not having such a good experience with Suretrade either. I sent a couple of email to them this week with no response. I got 0 confirmation for trade execution, and their systems are often slow or return erraneous responses to page requests. In term of on-line trading, I think I have had the best experience with E*Trade, but they have been around the longest (and maybe got more bugs out of their systems?). They are also priced similarly as a traditional deep discount broker, not competing with the totally-"automated" on-line broker. kom Deepak Kapur wrote: > My limited experience in communicating with Datek > has not been good either. When I opened an account > with them in March, last year, they mispelled my name > in my account. I pointed the error to them at least > three times. Each time they asked me to provide the > change in writing, which I did, but it never got fixed. > Repeated emails and phonecalls would get unnoticed. Some > emails would be replied at least a week later. After many such > complaints, finally they fixed the name after I kept communicating > with one particular individual on their staff. It took nearly > 3 months. > > Whenever I have made inquiries by email or phone to > their generic email address or 800 number, I never get > a proper response. > > More recently, Datek announced with much fanfare new improvements > to their site (as pointed out by others, they got rid > of some very nice features so it is unclear whether > new features are improvements over what was available > before). One such feature among others (access to bigcharts), > is the checkwriting facility, for which one could sign > up electronically in early Feb. We were promised check > books etc within a few weeks. It has been over 2 months, > and there is no sign of checks or check-writing feature. > And, of course, real time quotes are rarely real time; > often day's high and low, and volume figures are wrong. > > Similarly, dealings with Ameritrade have become a serious > headache, of late. Before Aufhauser merged into Ameritrade, I had > very pleasant experience with Aufhauser. My account was assigned > an account executive, who was prompt in response. For any problem, > one could get in touch with the executive, and she > would research and call back or email promptly. > I would get quick electronic confirmations of trades executed, > or change of orders. Last fall, after the merger, > there is no executive assigned any more to the account. > One has to call the 800 number or send email to a generic > address. You are lucky these days to get a responce back > in 48 hours. They have been bringing down their web sites > often to make enhancements. It has been disaster only > after every enhancement. I rarely get confirmations > by email these days. The order status page does not get updated. So > you do not know what is going on: whether > your orders got executed, or changes you requested, got > made. If you call their 800 > number, you have to wait for nearly 10 minutes, and sometimes > even longer. The person responding is often unable to figure > things out. It is not looking good any more. > > Be warned. > > Deepak Kapur > > - - - ------------------------------ Date: Fri, 24 Apr 1998 22:10:15 -0400 From: "Tony Austin" Subject: Re: [CANSLIM] Short anyone? Things are not looking well. Not to be impatient, but I am considering going "net short" for the next little while. Now, I know the concept of short is not classic CANSLIM, but it is disscussed in HTMMIS, page 113. No better time than at the top of the decline. If anyone wishes to consider the following possible shorts. I will be happy to provide the technical reasoning for the following, if anyone is interested. WLP - Short on an upward open. Stop at 75, initial target at 67. SRA - Looking at a failing rally. If it opens upward, short as near 45 1/2 as possible. Initial target at 41, but 31 is not unreasonable. Stop at 47. AFS - May be too late. If it has an upward day, or days, go short near 77. Initial target is 71, stop at 80. PSQL - Short on an upward open anywhere between 23 1/4 and 24. Initial taget at 20, but much lower is possible. Stop at 25. SPY - Hope for an upward day or two next week to short as near 113 as possible, then hold on. This looks ominous. Good luck. Tony - - ------------------------------ Date: Fri, 24 Apr 1998 22:19:43 -0400 From: Connie Mack Rea Subject: Re: [CANSLIM] Non-Canslim: STLTF James-- Take a look at http://equis.com/ Though there are some tinkered differences about calculating OBV, but the result is much the same. A couple of friends at the university have dickered with the calcuation, but the result is nominally different from BigChart's. Because the OBV is not a timing indicator, I'd not pay much attention to the variations. Connie Mack James Adams wrote: > Connie Mack wrote: > > > >My OBV/MF scan turned up two stocks: STLTF and RITTF. > > MS Investor's screening feature allows me to set OBV as a screening > value. > However, I'm not sure what parameters are the best to use. It allows > me to > set the traditional operators > =, >=,<=; which can a whole other set of criteria for comparison. It > also > allows me to choose OBV high as possible, OBV low as possible. > > How can I best use this feature, i.e., what should I be looking for. > > James Adams......................Maysville, KY USA > http://www.cris.com/~jimadams/ > Internet Pager 1343361@pager.mirabilis.com > > - - - ------------------------------ Date: Fri, 24 Apr 1998 22:28:28 -0400 From: Connie Mack Rea Subject: [CANSLIM] Shorting: OBV/MF Members-- Shorts apparently are not poison to Canslim. If you wish to use OBV/MF, it is equally a short indicator. Rather than looking for positive divergence, search out negative. Then use the EMA for entry. I am always looking for unusual charts. One of the member's post this evening reminded me of a chart I had seen earlier: HILI. This is an extraordinary chart of negative divergence. I will take a look at the stock Monday as a prospective short. Connie Mack - - ------------------------------ Date: Fri, 24 Apr 1998 22:23:43 -0500 (CDT) From: "Jason P. Butler" Subject: Re: [CANSLIM] on Datek and Ameritrade I have had good experience with PAcific Coast Brokerage. It costs a little more ($15 per trade), but from people I've talked to, it's worth it. Sorry this is off topic, but you need a good brokerage service to catch the break outs. Jason On Fri, 24 Apr 1998, Deepak Kapur wrote: > > My limited experience in communicating with Datek > has not been good either. When I opened an account > with them in March, last year, they mispelled my name > in my account. I pointed the error to them at least > three times. Each time they asked me to provide the > change in writing, which I did, but it never got fixed. > Repeated emails and phonecalls would get unnoticed. Some > emails would be replied at least a week later. After many such > complaints, finally they fixed the name after I kept communicating > with one particular individual on their staff. It took nearly > 3 months. > > Whenever I have made inquiries by email or phone to > their generic email address or 800 number, I never get > a proper response. > > More recently, Datek announced with much fanfare new improvements > to their site (as pointed out by others, they got rid > of some very nice features so it is unclear whether > new features are improvements over what was available > before). One such feature among others (access to bigcharts), > is the checkwriting facility, for which one could sign > up electronically in early Feb. We were promised check > books etc within a few weeks. It has been over 2 months, > and there is no sign of checks or check-writing feature. > And, of course, real time quotes are rarely real time; > often day's high and low, and volume figures are wrong. > > Similarly, dealings with Ameritrade have become a serious > headache, of late. Before Aufhauser merged into Ameritrade, I had > very pleasant experience with Aufhauser. My account was assigned > an account executive, who was prompt in response. For any problem, > one could get in touch with the executive, and she > would research and call back or email promptly. > I would get quick electronic confirmations of trades executed, > or change of orders. Last fall, after the merger, > there is no executive assigned any more to the account. > One has to call the 800 number or send email to a generic > address. You are lucky these days to get a responce back > in 48 hours. They have been bringing down their web sites > often to make enhancements. It has been disaster only > after every enhancement. I rarely get confirmations > by email these days. The order status page does not get updated. So > you do not know what is going on: whether > your orders got executed, or changes you requested, got > made. If you call their 800 > number, you have to wait for nearly 10 minutes, and sometimes > even longer. The person responding is often unable to figure > things out. It is not looking good any more. > > Be warned. > > Deepak Kapur > > - > > - - ------------------------------ End of canslim-digest V2 #209 ***************************** To unsubscribe to canslim-digest, send an email to "majordomo@xmission.com" with "unsubscribe canslim-digest" in the body of the message. For information on digests or retrieving files and old messages send "help" to the same address. Do not use quotes in your message.