From: owner-canslim-digest@lists.xmission.com (canslim-digest) To: canslim-digest@lists.xmission.com Subject: canslim-digest V2 #283 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 Monday, June 15 1998 Volume 02 : Number 283 In this issue: [CANSLIM] A short course in market lore. [Connie Mack] RE: [CANSLIM] AMZN - Nelson [CANSLIM] The NAZ - Weekly/Daily Re: [CANSLIM] Reading the market by charts and by the number of CS posts. [Connie] Re: [CANSLIM] Mkt "noise" - JW don't read (was William J. O'Neil talks stocks) Re: [CANSLIM] The NAZ - Weekly/Daily [CANSLIM] Counting from Low Re: [CANSLIM] Mkt "noise" - JW don't read (was William J. O'Neil talks stocks) Re: [CANSLIM] Mkt "noise" - JW don't read (was William J. O'Neil talks stocks) Re: [CANSLIM] The NAZ - Weekly/Daily Re: [CANSLIM] WOWS [CANSLIM] RUT support? Re: [CANSLIM] Counting from Low [CANSLIM] Re: Reading the charts by market.... [CANSLIM] Globex closes off -12.20 points. Re: [CANSLIM] WOWS Re: [CANSLIM] The NAZ - Weekly/Daily ---------------------------------------------------------------------- Date: Sat, 13 Jun 1998 17:29:09 -0400 From: Connie Mack Rea Subject: [CANSLIM] A short course in market lore. [Connie Mack] Members-- This is a market orientation site that is broad but fairly thin. I've included a table of contents. http://invest-faq.com Article Index (Click on an article's subject to jump directly to it.) Advice Beginning Investors Errors in Investing Using a Full-Service Broker One-Line Wisdom Paying for Investment Advice Researching a Company Analysis Annual Reports Beating the Market Beta and Alpha Book-to-Bill Ratio Book Value Computing Compound Return Future and Present Value of Money Goodwill Internal Rate of Return (IRR) Price-Earnings (P/E) Ratio Rule of 72 Same-Store Sales Bonds Basics Duration Measure Moody Bond Ratings Municipal Bond Terminology Relationship of Price and Interest Rate Tranches Treasury Debt Instruments Treasury Direct U.S. Savings Bonds Value of U.S. Treasury Bills Zero-Coupon Derivatives Basics Futures Stock Option Basics Stock Option Ordering Stock Option Splits Stock Option Symbols LEAPs Exchanges The American Stock Exchange Circuit Breakers on NYSE and CBOE Contact Information Instinet Market Makers and Specialists The NASDAQ The New York Stock Exchange Members and Seats on AMEX Ticker Tape Terminology Financial Planning Basics Choosing a Financial Planner Pay Off Mortgage Early or Invest in Stocks? Information Sources Books Dialup and Subscription Services Free to All Who Ask Internet Investment Associations Mailing lists Value Line Wall $treet Week Insurance Annuities Life Mutual Funds Basics Average Annual Return Buying from Brokers versus Fund Companies Distributions and Tax Implications Fees and Expenses Money-Market Funds Redemptions Versus Stocks Real Estate Investment Trusts (REITs) Renting versus Buying a Home Regulation Money-Supply Measures M1, M2, and M3 Federal Reserve and Interest Rates Securities and Exchange Commission (U.S.) SEC Rule 144 SEC Registered Advisory Service SEC/NASDAQ Settlement Series of Examinations/Registrations SIPC, or How to Survive a Bankrupt Broker Retirement Plans 401(k) 403(b) Education IRA Co-mingling funds in IRA accounts Keogh Ordinary IRA Roth IRA SEP-IRA Stocks Basics American Depositary Receipts (ADRs) Cyclicals Dividends Dramatic Price Changes Types of Indexes The Dow Jones Industrial Average Other Indexes Investor Rights Movement IPOs Mergers Market Capitalization Preferred Shares Price Basis Price Tables in Newspapers Replacing Lost Certificates Repurchasing by Companies Researching the Value of Old Certificates Shareholder Rights Plan Splits Warrants Strategy Dogs of the Dow Dollar Cost and Value Averaging Hedging Buying on Margin When to Buy/Sell Stocks Value and Growth Software Archive of Free Investment-Related Programs Portfolio Tracking and Technical Analysis Tax Code Backup Withholding Computing Capital Gains and Cost Basis for Equities Deductions for Investors Estate and Gift Tax Non-Resident Aliens and US Holdings Short-Term and Long-Term Gains/Losses Gifts of Stock Tax swaps Uniform Gifts to Minors Act (UGMA) Wash Sale Rule Technical Analysis Basics Black-Scholes Model Commodity Channel Index Charting Services Data Sources Elliott Wave Theory Information Sources MACD McClellan Oscillator and Summation Index On Balance Volume Relative Strength Indicator Stochastics Trading After Hours Bid, Ask, and Spread Brokerage Account Types Discount Brokers Direct Investing and DRIPS Electronically and via the Internet Free Ride Rules By Insiders Introducing Broker Jargon and Terminology NASD Public Disclosure Hotline Buy and Sell Stock Without a Broker Non-Resident Aliens and US Exchanges Opening Prices Order Routing and Payment for Order Flow Day, GTC, Limit, and Stop-Loss Orders Pink Sheet Stocks Price Improvement Process Date Round Lots of Shares Shorting Stocks Shorting Against the Box Size of the Market Tick, Uptick, and Downtick Transferring an Account Can You Trust The Tape? Selling Worthless Shares Trivia Bull and Bear Lore Presidential Portraits on U.S. Notes Getting Rich Quickly One-Letter Ticker Symbols Stock Prices in Sixteenths - - ------------------------------ Date: Sat, 13 Jun 1998 19:08:55 -0400 From: "Nelson E. Timken, Esq." Subject: RE: [CANSLIM] AMZN - Nelson Thanks for your response. Frankly I am troubled by this market, just because something goes to an all time low doesn't mean it can't go lower. And that seems to be the pattern here. Nelson http://www.onelist.com/subscribe.cgi/investing-list - -----Original Message----- From: owner-canslim@lists.xmission.com [mailto:owner-canslim@lists.xmission.com] On Behalf Of Jeffry White Sent: Friday, June 12, 1998 6:56 AM To: canslim@mail.xmission.com Subject: [CANSLIM] AMZN - Nelson Nelson E. Timken, Esq. wrote: > > You mention a "bottoming" and I am wondering what your analysis forecasts as > the bottoming point for the market. I expect we will see another down day > tomorrow and continuing into triple witching. > > Nelson E. Timken > http://www.onelist.com/subscribe.cgi/investing-list > No forecasts here, Nelson. Just looking for a low to count from. Still working on the May 27 low, or the June 1 low, or the June 3 low and counting. My only observation was that the sentiment numbers are seemingly too bullish to support an intermediate term upturn. If we take out the recent lows in the indices tomorrow just after the open, reverse and close unchanged to higher on the day, with an increase in volume over today's action, that would be another nice low from which to count for follow through. But, as mentioned in IBD yesterday, we need to take the bulls down another notch or three, and the bears are far too groggy. I think Db's point was that he want to go ahead and get to the 200 day moving average in the indices quickly and get the "correction/consolidation" over with. Sounds like "hope" to me, Db!?!? Or was that a "wish"? ;) How do you plead? Good luck Nelson. - - - - ------------------------------ Date: Sun, 14 Jun 1998 22:43:54 -0700 (PDT) From: dbphoenix Subject: [CANSLIM] The NAZ - Weekly/Daily The Nasdaq charts have been transferred. There are two of them, a weekly with a longer view and a daily with a shorter-term view (to put both into one chart would make it unreadable). I won't go into all the background on trendlines and support and resistance from the DJIA posts. Nothing new. And I kept the colors the same in order to maintain consistency. ftp://ftp.xmission.com/pub/users/m/mcjathan/canslim/OTC-WK.gif The longest trendline isn't shown, but if we got even close to the ones that are shown, I'd be very surprised, at least until we enter the next bear cycle. They're shown here (the dotted lines) just to show how a trendline often changes as the slope of the line changes. Theoretically, the plot will return to the trendline at some point, but, as we know, that very often doesn't happen. You have to strike a balance between the theoretically possible and the probable. The one we're working on now (the solid one) is still tentative, but when you look at all the other support in the vicinity, it seems reasonable to expect that it will hold. ftp://ftp.xmission.com/pub/users/m/mcjathan/canslim/OTC-DLY.gif This provides a zoom-in of the details most of us are concerned about right now. Everything is the same except for the addition of a dotted gray line to show the most recent ascending trendline. This was violated long ago, but I stuck it in for grins. The Gann/Fib levels are again in purple. As you can see, we've violated the first and it now becomes resistance, assuming that these levels will be respected at all in this case (they may not be). What I find interesting is all the convergences at the 1700 level--a very short base in February which was successfully tested once in early March, the 50% retracement level, and both the simple and exponential 200d MAs (the simple is a darker shade of green--if you put your glasses on, you should be able to see it). We came close to that on Friday, maybe close enough. But I'd love to see it retested. Such retests usually inspire much more confidence in investors and are worth waiting for. If for some reason we break through 1700, there's potentially plenty of support in the 1650 area as well. This level was tested as resistance several times in November and December but, so far, has never been tested as support. It also represents the two-thirds retracement level. And there's our trusty trendline. Poking down that far would represent a violation of the 200d MA, of course, but we have fallen below that line only three times in the last three-and-a-half years. The last two occasions are shown on this chart, and even though we spent a full month 50 points below the MA last April ('97), the activity there set the stage for a he** of an advance. If there's a strong rally, it may be possible to create a descending trendline along the ever-lower highs, but it won't be necessary to create a new chart. One can draw the line himself. Just make sure the line goes along the tops of the bars and not through them. So, Frank . . . - --Db _________________________________________________________ DO YOU YAHOO!? Get your free @yahoo.com address at http://mail.yahoo.com - - ------------------------------ Date: Fri, 12 Jun 1998 21:52:47 -0500 From: Dave Cameron Subject: Re: [CANSLIM] Reading the market by charts and by the number of CS posts. [Connie] Connie, I like the thought process... but the Dow is almost completely irrelevant to me. I own NO stocks that are even 1/4 the size of Dow stocks. For that matter, most (if not all) CANSLIM stocks can not be in the Dow by definition. Several posters have included the NASDAQ - which includes a lot more stocks, and potentially several CANSLIM stocks. Could you find it in your heart to repeat your analysis either on the NASDAQ or the RUT. I, and I hope others, would find it useful. I suppose I could "try" to follow your Dow analysis, but to be quite honest, I never look at the Dow. Dave Cameron Connie Mack Rea wrote: > > Members-- > > Unless my mail is not being delivered, members have made no posts in the > last hour or so [It's now 9:30]. Do not lose your spirit just yet. > > Get our your chart pencils and let's see if all is lost. Originate a > trendline at the 9211 top in May and extend it across the tops on out > through Thursday. This is your upper resistance. For the correction > short term, you must expect a close above this line with significant > volume [check Volume+, Volume Accumulation, and OBV]. > > Originate a trendline at the low of 8444 in early March and run it up to > 8898 low at the end of April and extend it. This trendline also touches > nicely the 8976 low in the first of May. You can see that this is the > first breach of a two and a half month trend. > > At this point you must redraw the line; make a new trendline through the > 8803 at the first of June. You can see that yesterday's close was near > enough to say that the Dow held on the trendline. > > What should you expect today? A momentary drop would be acceptable, > but today's close must stay above the lower trendline. The triangle > formed by the upper and lower trendlines is the "safety" zone; i.e., a > fall below the trendline implies further weakness and a reordering of > the previous trendline. > > If the lower line is broken, then you would have to search elsewhere for > support. The first support would be 8702 in the middle of March; the > next would be 8602, still in March; and finally 8444 at the first of > March. At this point you would have a fairly uniform inverted > saucer--if the saucer were to be completed in the last third of July; > this would be a forward extraploation. A completion of the saucer at > this distant point would imply that the correction was fairly uniform > both in time and price. > > If you dropped a vertical trendline from the high in May of 9211 and > then measured the time back to 8444 and forward the same time, the > market would again be at 8444. This uniform correction would be ideal, > and the base would be the long, angular, and slow correction to the > point in late July. > > [You would, however, have suffered the loss of several hundred points. > This kind of loss has to be suffered for investors who invest and sit. > It is wildly unnverving if you've no intent to exit and later enter. > And then you must recoup back to the point of correction just to get > even. > > You can infer why a recovery is often so slow and drawn out: Those who > have lost so much have different degrees of stickiness; as different > recovery prices are reached a few more are shaken loose. And the > greatest source of new buyers are those that got out at a higher price. > Obvious lows--those mentioned above--are prime areas where the > shaking-out and buying-in is most exaggerated and why there is often a > flat period in which buyers and sellers is adjusted and re-adjusted.] > > All bases do not run parallel or near parallel to the bottom of the > chart. In the above instance, the base is that long, slow two month > period measured laterally from the vertical trendline at 9211 out to > late July. When there is such an angular basing, you might expect that > when the Dow returns to 8444, it may spend only a short time "flat" > basing. A modified flat-bottom "V" might appear or a double bottom of > between 5-10 days between the bottom points of the "W." > > I arbitrarily chose 8444 as my point to measure the where an equivalent > uniform and angular measure would project into he future [late July]. > > If you wish, you may do this. Choose any of the lows that I mentioned > above and use them as your reference point to extrapolate into the > future. An easy way to make several measurements is to take a compass > and draw arcs through any low to the left of the vertical trendline at > 9211. Where the arc cuts through the same price to the right of the > vertical trendline would be the point where a uniform correction in both > time and price occurred. Remember that you are dealing only with macro > estimates. > > If you are interested in Fibonacci charting, this would be a good time > to work up a chart. What you may find is that frequently Fibonacci > charting is reasonably similar to the arcs that are originated on lows > rather than Fibonacci numbers. > > Connie Mack > - - ------------------------------ Date: Mon, 15 Jun 1998 06:52:12 -0400 From: "Tom Worley" Subject: Re: [CANSLIM] Mkt "noise" - JW don't read (was William J. O'Neil talks stocks) Tom's here, but I grew weary of being criticized for all my market "noise" posts, so not doing that any more esp since the info is readily available on the net to those that want it. If I ever find the time to put up a home page, I'll probably include a daily "noise maker" comment. Asia continued its serious melt down, almost every market down over 2%, several down over 5%. Japan broke 15,000, so would guess when they "kicked the recession tires", they lost some more air. In Europe, the selloff continues unabated. In fact, it looks worse than Friday, with almost every mkt down over 2%. It has been interesting watching the linkage between weak mkts and strong ones. Two I have been watching are Hong Kong - UK and Russia - Germany. Glad the US mkt is not so closely aligned with a single foreign mkt. Diversification is good. US Dollar stronger, broke 146 on the USD/yen and 1.81 on USD/mark. I see very little opportunity for Japan or China to avoid devaluing their currency, which will set off a round of currency devaluation throughout Asia. And without fundamental changes in their economic decision making and in banking, I also see little hope of Japan resuming regional leadership, at least not for several years. That's all my noise. Tom W - -----Original Message----- From: Ssingh@aol.com To: canslim@lists.xmission.com Date: Sunday, June 14, 1998 11:35 PM Subject: [CANSLIM] William J. O'Neil talks stocks I note a lot of Asian markets are down as of >now. Where is Tom who always updates us with this kind of information? > >Surindra > >- > - - ------------------------------ Date: Mon, 15 Jun 1998 07:48:26 -0400 From: "Frank V. Wolynski" Subject: Re: [CANSLIM] The NAZ - Weekly/Daily Thanks DB, great charts. If you channel the current downtrend on the OTC, you find an intersection on the lower channel with the 200day MOV. That is due to intersect today. It will be the third touch of the downtrend lower channel line. It is, as you point out at the 1700 level. I see the 1650 region, (actually 1635 by my chart) as support also. It will most likely be tested in the coming days. Perhaps at that point we'll have less momemtum on some of the indicators, setting up a good trading divergence! The OEX, SPX look strong in comparison, I suppose reflecting the interest and therefore strength in the large caps. The RUT looks poised to fall to 420 if it doesn't hold here. I think it may be the leading index from which we'll see the first glimmer of a turnaround. The ASE looks almost like the RUT. It will be an interesting day! Futures down over -12.xx. Thanks, Frank Wolynski At 22:43 6/14/98 -0700, dbphoenix wrote: > >The Nasdaq charts have been transferred. There are two of them, a >weekly with a longer view and a daily with a shorter-term view (to put >both into one chart would make it unreadable). > >I won't go into all the background on trendlines and support and >resistance from the DJIA posts. Nothing new. And I kept the colors >the same in order to maintain consistency. > > ftp://ftp.xmission.com/pub/users/m/mcjathan/canslim/OTC-WK.gif > >The longest trendline isn't shown, but if we got even close to the >ones that are shown, I'd be very surprised, at least until we enter >the next bear cycle. They're shown here (the dotted lines) just to >show how a trendline often changes as the slope of the line changes. >Theoretically, the plot will return to the trendline at some point, >but, as we know, that very often doesn't happen. You have to strike a >balance between the theoretically possible and the probable. The one >we're working on now (the solid one) is still tentative, but when you >look at all the other support in the vicinity, it seems reasonable to >expect that it will hold. > > ftp://ftp.xmission.com/pub/users/m/mcjathan/canslim/OTC-DLY.gif > >This provides a zoom-in of the details most of us are concerned about >right now. Everything is the same except for the addition of a dotted >gray line to show the most recent ascending trendline. This was >violated long ago, but I stuck it in for grins. > >The Gann/Fib levels are again in purple. As you can see, we've >violated the first and it now becomes resistance, assuming that these >levels will be respected at all in this case (they may not be). What >I find interesting is all the convergences at the 1700 level--a very >short base in February which was successfully tested once in early >March, the 50% retracement level, and both the simple and exponential >200d MAs (the simple is a darker shade of green--if you put your >glasses on, you should be able to see it). We came close to that on >Friday, maybe close enough. But I'd love to see it retested. Such >retests usually inspire much more confidence in investors and are >worth waiting for. > >If for some reason we break through 1700, there's potentially plenty >of support in the 1650 area as well. This level was tested as >resistance several times in November and December but, so far, has >never been tested as support. It also represents the two-thirds >retracement level. And there's our trusty trendline. > >Poking down that far would represent a violation of the 200d MA, of >course, but we have fallen below that line only three times in the >last three-and-a-half years. The last two occasions are shown on this >chart, and even though we spent a full month 50 points below the MA >last April ('97), the activity there set the stage for a he** of an >advance. > >If there's a strong rally, it may be possible to create a descending >trendline along the ever-lower highs, but it won't be necessary to >create a new chart. One can draw the line himself. Just make sure >the line goes along the tops of the bars and not through them. > >So, Frank . . . > >--Db > > >_________________________________________________________ >DO YOU YAHOO!? >Get your free @yahoo.com address at http://mail.yahoo.com > > >- > > - - ------------------------------ Date: Mon, 15 Jun 1998 07:50:01 -0400 From: Jeffry White <"postwhit@sover.net"@sover.net> Subject: [CANSLIM] Counting from Low > Subject: > Re: [CANSLIM] Counting, Db--Jeffry > Date: > Sun, 14 Jun 98 17:01:50 -0500 > From: > dbphoenix > Reply-To: > canslim@TJOSLIN.COM > Organization: > THERIAULT & JOSLIN > To: > canslim@lists.xmission.com > > > < 6/9>> > > 6/9 seems to be the first rally attempt on the Naz and NYSE in terms > of point gain and volume, assuming I have the volume figures right, > though not for the Dow. Are you referring to the Dow? (And are we > sure any of this matters?) > > --Db When looking for a follow through day, the count begins from the current low point in the downturn. In the Nasdaq and Dow, that's Friday, June 12. Not in the SP, however. Haven't checked the NYSE, although it'd be worth a look. Most, if not all, of my work is in the four letter stocks, so I monitor the NAS most closely. I'm sure it matters to watch the indices every day, but I suppose we won't know whether it matters until we take out the recent lows, or follow through, NO? Jeffry - - ------------------------------ Date: Mon, 15 Jun 1998 07:56:50 -0400 From: "Frank V. Wolynski" Subject: Re: [CANSLIM] Mkt "noise" - JW don't read (was William J. O'Neil talks stocks) Great noise Tom! Covered my ears as I read it! :-) Any idea what effect the US support of the dollar may have on the markets? There is a bit of talk about it and was curious. Would that preclude the necessity for foreign markets to revalue? To anyone else that may have a clue, since 15000 has been taken out on the Nikkei, is there a level of support back there somewhere when 'bell bottoms' were popular and Gilligans Island was the #1 sitcom? I'm not sure but 15000 seemed like solid support from the 80's. If it had been such, does this imply crash mode for Japan? Thanks, Frank Wolynski At 06:52 6/15/98 -0400, Tom Worley wrote: >Tom's here, but I grew weary of being criticized for all my market >"noise" posts, so not doing that any more esp since the info is >readily available on the net to those that want it. If I ever find the >time to put up a home page, I'll probably include a daily "noise >maker" comment. > >Asia continued its serious melt down, almost every market down over >2%, several down over 5%. Japan broke 15,000, so would guess when they >"kicked the recession tires", they lost some more air. In Europe, the >selloff continues unabated. In fact, it looks worse than Friday, with >almost every mkt down over 2%. > >It has been interesting watching the linkage between weak mkts and >strong ones. Two I have been watching are Hong Kong - UK and Russia - >Germany. Glad the US mkt is not so closely aligned with a single >foreign mkt. Diversification is good. > >US Dollar stronger, broke 146 on the USD/yen and 1.81 on USD/mark. I >see very little opportunity for Japan or China to avoid devaluing >their currency, which will set off a round of currency devaluation >throughout Asia. And without fundamental changes in their economic >decision making and in banking, I also see little hope of Japan >resuming regional leadership, at least not for several years. > >That's all my noise. > >Tom W > >-----Original Message----- >From: Ssingh@aol.com >To: canslim@lists.xmission.com >Date: Sunday, June 14, 1998 11:35 PM >Subject: [CANSLIM] William J. O'Neil talks stocks > > >I note a lot of Asian markets are down as of >>now. Where is Tom who always updates us with this kind of >information? >> >>Surindra >> >>- >> > > >- > > - - ------------------------------ Date: Mon, 15 Jun 1998 08:13:36 -0400 From: "Tom Worley" Subject: Re: [CANSLIM] Mkt "noise" - JW don't read (was William J. O'Neil talks stocks) Actually, the US isn't supporting the US dollar, the rest of the world is. Because of economic changes (open markets and such, as well as fiscal policy) the US dollar, and dollar denominated products like the treasuries, are viewed as "safe haven" investments for those that want to put their money into something. The strong dollar/weak yen is only one of the reasons that Japan will likely have to devalue its currency. Without fundamental, underlying economic change, its current recession is likely to persist for years. The weak yen actually encourages and aids its exports, which in turn aids (or should) its domestic economy. But the weak yen kills them in the import arena such as on oil (where they import nearly 100% of their requirements). So long as their banks continue to carry an officially estimated $500 billion in bad (non performing) loans (and the total is probably far worse), and the govt continues to maintain protectionist trade barriers (which increases the costs to consumers and defeats competition), they will continue to struggle to survive economically. And Japan, and the yen, carries great influence throughout the Asian mkt so as Japan goes, so goes the entire region to at least some degree. I saw South Korea emerging as the new leadership, with China as a second possibility. This still remains true, however both are also being battered by the current crises. The Nikkei is on the verge of setting another 12 month low. I generally don't look back any further than that, thus to me, without fundamental reasons for the Japan mkt to stablize or begin to recover, the downside is potentially unlimited. Note that a few weeks ago I warned this group about "bottom fishing" the Asian mkt. Boy, was I on target on that. Likewise with the Latin American mkt, where the falling price of oil is having a serious impact. Tom W - -----Original Message----- From: Frank V. Wolynski To: canslim@lists.xmission.com ; canslim@lists.xmission.com Date: Monday, June 15, 1998 7:52 AM Subject: Re: [CANSLIM] Mkt "noise" - JW don't read (was William J. O'Neil talks stocks) >Great noise Tom! Covered my ears as I read it! :-) > >Any idea what effect the US support of the dollar may have on the markets? >There is a bit of talk about it and was curious. >Would that preclude the necessity for foreign markets to revalue? > >To anyone else that may have a clue, since 15000 has been taken out on the >Nikkei, is there a level of support back there somewhere when 'bell >bottoms' were popular and Gilligans Island was the #1 sitcom? I'm not sure >but 15000 seemed like solid support from the 80's. If it had been such, >does this imply crash mode for Japan? > >Thanks, > >Frank Wolynski > >At 06:52 6/15/98 -0400, Tom Worley wrote: >>Tom's here, but I grew weary of being criticized for all my market >>"noise" posts, so not doing that any more esp since the info is >>readily available on the net to those that want it. If I ever find the >>time to put up a home page, I'll probably include a daily "noise >>maker" comment. >> >>Asia continued its serious melt down, almost every market down over >>2%, several down over 5%. Japan broke 15,000, so would guess when they >>"kicked the recession tires", they lost some more air. In Europe, the >>selloff continues unabated. In fact, it looks worse than Friday, with >>almost every mkt down over 2%. >> >>It has been interesting watching the linkage between weak mkts and >>strong ones. Two I have been watching are Hong Kong - UK and Russia - >>Germany. Glad the US mkt is not so closely aligned with a single >>foreign mkt. Diversification is good. >> >>US Dollar stronger, broke 146 on the USD/yen and 1.81 on USD/mark. I >>see very little opportunity for Japan or China to avoid devaluing >>their currency, which will set off a round of currency devaluation >>throughout Asia. And without fundamental changes in their economic >>decision making and in banking, I also see little hope of Japan >>resuming regional leadership, at least not for several years. >> >>That's all my noise. >> >>Tom W >> >>-----Original Message----- >>From: Ssingh@aol.com >>To: canslim@lists.xmission.com >>Date: Sunday, June 14, 1998 11:35 PM >>Subject: [CANSLIM] William J. O'Neil talks stocks >> >> >>I note a lot of Asian markets are down as of >>>now. Where is Tom who always updates us with this kind of >>information? >>> >>>Surindra >>> >>>- >>> >> >> >>- >> >> > >- > - - ------------------------------ Date: Mon, 15 Jun 1998 07:39:23 -0500 From: Dave Cameron Subject: Re: [CANSLIM] The NAZ - Weekly/Daily dbphoenix wrote: > > The Nasdaq charts have been transferred. There are two of them, a > weekly with a longer view and a daily with a shorter-term view (to put > both into one chart would make it unreadable). > Thank you SO much!!!!! All this talk about the DJIA, support, resistance, trendlines etc. is only partially relevant to me. I, and anyone who follows CANSLIM to the letter, never would own a Dow stock. Any DJIA stock, nearly by definition, can not be CANSLIM. As such, the Dow can go to zero for all I care. It is merely 30 stocks. I find that the RUT is closest to what my stocks do. There are lots of times the RUT and the DJIA are heading in opposite directions. Hence, I ignore the DJIA. I will use SPX or NAZ as a proxy if need be. Later, Dave Cameron - - ------------------------------ Date: Mon, 15 Jun 1998 07:50:05 -0500 From: Dave Cameron Subject: Re: [CANSLIM] WOWS dbphoenix wrote: > > I bought Pro at the time. WOWS was really eager for share and was > running a sale on it at a ridiculous price. The main difference, as > far as I can tell, between Pro and Deluxe is the system-testing > capabilities. Personally, and with no interest in starting another > argument, I don't have much use for system testing, so I never use it. > Therefore, I'd probably go with Deluxe today. > You can now go to http://www.wsdinc.com and get WOWS-Deluxe for under $100. Regards, Dave Cameron - - ------------------------------ Date: Mon, 15 Jun 1998 07:58:17 -0500 From: Dave Cameron Subject: [CANSLIM] RUT support? As I've given away in another post, I do not look at DJIA charts (maybe foolishly). Why not? None of the DJIA stocks are CANSLIM, nor are they likely to be (by definition). However, I have frequently owned stocks in the Russell 2000 (RUT). If you pull up a chart right now - you'll see that RUT traded in a range from about 404 to 438 for about 4 months (nov '97 through feb '98). After that date, it has taken a parabolic curve. By this I mean, climbed up to 491 - and returned back to 438. At this point, it is at the top of the 4-month trading range mentioned at the start of this paragraph. For me, a further drop of the RUT would indicate that it could easily fall to 404. If it bounces back, there may be some support at 438ish. Dave Cameron - - ------------------------------ Date: Mon, 15 Jun 1998 06:03:49 -0700 (PDT) From: dbphoenix Subject: Re: [CANSLIM] Counting from Low <> How did you arrive at this? Not trying to start anything (Thank God you're not as touchy as some), just curious. - --Db _________________________________________________________ DO YOU YAHOO!? Get your free @yahoo.com address at http://mail.yahoo.com - - ------------------------------ Date: Mon, 15 Jun 1998 08:18:37 -0500 (CDT) From: mckeener@ix.netcom.com Subject: [CANSLIM] Re: Reading the charts by market.... Hello Connie, Many, many thanks for the explanation. Keep them coming when you have time, even though I don't always understand everything, each time I get a little bit more. Regards, Mary Keener - - ------------------------------ Date: Mon, 15 Jun 1998 06:23:06 -0700 From: "Ken Davidson" Subject: [CANSLIM] Globex closes off -12.20 points. 6/15/98 9:20 est. Globex futures flirted with their maximum point loss last night of -15.00 points as Asia was in turmoil once again. The U.S dollar flirted with the 146 level against the Yen and 30-year bond treasuries rallied to 5.62% as people are looking for safe havens. Hong Kong, South Korea, were off -5% last night while Japan and most other countries lost anywhere from 1-5%. We started the Globex session up but as Asia worsened so did futures. Globex S & P 500 futures closed off -12.20 points. Nasdaq 100 globex futures closed off -21.00 points. What will be important today is that we hold above Fridays low otherwise we could see a further decline. Ken - - ------------------------------ Date: Mon, 15 Jun 1998 06:22:49 -0700 (PDT) From: dbphoenix Subject: Re: [CANSLIM] WOWS <> This is an excellent discount. Anyone who follows technical indicators should at least consider the purchase. Though online charting sites are a great boon to those who are just starting out with technical or visual analysis (or who are just curious), their consruction gives an odd perspective to the indicators by flattening them. What may look like a flat line or a divergence can be anything but if it's re-expanded to full size. To get an idea what I mean, compare the charts at DG Online with those at bigcharts. DG charts tend to be flatter, thereby causing some cup-and-handle and/or pullback patterns to virtually disappear (relative strength lines can be particularly difficult to interpret when they are flattened). Before the touchy poise themselves before their keyboards, understand that I'm not criticizing DG or BC in this regard. Any printed chart has the same failing. As with any bar or line graph, perspective is altered according to how the window is sized (or how the x and y axes are sized). In other words, your company's sales can look spectacular or trivial depending on how the chart is constructed (look at how different arithmetic and logarithmic charts can be, even though they have identical length and width). Anyway, thanks, Dave. I know several people in another group who will be interested in this. I never would have known about it. - --Db _________________________________________________________ DO YOU YAHOO!? Get your free @yahoo.com address at http://mail.yahoo.com - - ------------------------------ Date: Mon, 15 Jun 1998 06:26:10 -0700 (PDT) From: dbphoenix Subject: Re: [CANSLIM] The NAZ - Weekly/Daily <> I'm curious as to your reasoning behind this, Dave. O'N does not limit himself to small-cap stocks and there are plenty of mid and large-cap examples in the book. Why do you say that "anyone who follows CS to the letter never would own a Dow stock"? - --Db _________________________________________________________ DO YOU YAHOO!? Get your free @yahoo.com address at http://mail.yahoo.com - - ------------------------------ End of canslim-digest V2 #283 ***************************** 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.