Go to Jeff Salisbury LWGate Home Page.From: "DOUG CHIURATO" <xdzcx@email.msn.com>
Subject: Re: [CANSLIM] Head & Shoulders on the indexes?
Date: Mon, 24 Dec 2001 15:16:42 -0700
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This is a multi-part message in MIME format. - ------=_NextPart_000_000A_01C18C8D.FE8E4AA0 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Tom Last week I thought there was a possible H&S pattern emerging on the = three major indices with the Head being nearly completed on Friday. I = don't know what time frame the charting services you mention are using. = If they are starting from around 11/14 then I don't see it. What I see = on the S&P for example starting 10/3 is a possible left shoulder at = around the 1085 level. Then on 11/6 I see a head starting around the = 1150 level. If it drops to 1100 area then that will confirm to me that a = right shoulder is developing. Which of course is bearish. On the Dow I = see the LS at around 9400 and the Head at around the 10035 level. A RS = could develop around 9600. For the NAZ comp. the left shoulder is around = 1700 level and the Head 1950. RS could develop if it drops to around = 1800. DGO dosnt show 200dma for the indices but I think the NAZ is the = only that's above it. Which isnt good. I'm not expert on charts either = and the above numbers are just approximations from quick glances. btw Tom. I'm still thinking about your response to my questions about = Japan. I appreciate it. I'm still a little confused about some things = and will get back to you on it when my thoughts are organized...if = that's possible. ----- Original Message -----=20 From: Tom Worley=20 To: CANSLIM=20 Sent: Monday, December 24, 2001 2:27 PM Subject: [CANSLIM] Head & Shoulders on the indexes? Several of the internet charting services I get have in the past week = been discussing the H&S patterns they see on the major indexes. Since so = much of chart reading is "in the eye of the beholder", I was surprised = that no one in the group was mentioning this. So this morning, I took = the time to look at all the major indexes at DGO, and I fail to see this = pattern showing. Possibly the scales being used by these services is = making the pattern appear, certainly it is clear on the charts they = present. But I don't see it at DGO. When I use DGO beta, however, and = kinda squint my eyes, I can see it on the NYSE Composite, Naz, and S&P = 500, but it's still not that clear. I do not see it at all on the DOW = 30, and the Russell 2000. Since there is a wide variety of charting services being used by = members, is anyone else seeing this pattern developing? What charting = service are you using? I confess to not being expert at reading / seeing / understanding a = h&s pattern, so welcome any commentary. Tom Worley stkguru@netside.net AIM: TexWorley - ------=_NextPart_000_000A_01C18C8D.FE8E4AA0 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable <!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> <HTML><HEAD> <META http-equiv=3DContent-Type content=3D"text/html; = charset=3Diso-8859-1"> <META content=3D"MSHTML 5.50.4807.2300" name=3DGENERATOR> <STYLE></STYLE> </HEAD> <BODY bgColor=3D#ffffff> <DIV><FONT face=3DArial size=3D2>Tom</FONT></DIV> <DIV><FONT face=3DArial size=3D2></FONT> </DIV> <DIV><FONT face=3DArial size=3D2>Last week I thought there was a = possible H&S=20 pattern emerging on the three major indices with the Head being nearly = completed=20 on Friday. I don't know what time frame the charting services you = mention are=20 using. If they are starting from around 11/14 then I don't see it. What = I see on=20 the S&P for example starting 10/3 is a possible left shoulder at = around the=20 1085 level. Then on 11/6 I see a head starting around the 1150 level. If = it=20 drops to 1100 area then that will confirm to me that a right shoulder is = developing. Which of course is bearish. On the Dow I see the LS at = around 9400=20 and the Head at around the 10035 level. A RS could develop around 9600. = For the=20 NAZ comp. the left shoulder is around 1700 level and the Head 1950. RS = could=20 develop if it drops to around 1800. DGO dosnt show 200dma for the = indices but I=20 think the NAZ is the only that's above it. Which isnt good. I'm not = expert on=20 charts either and the above numbers are just approximations from quick=20 glances.</FONT></DIV> <DIV><FONT face=3DArial size=3D2></FONT> </DIV> <DIV><FONT face=3DArial size=3D2>btw Tom. I'm still thinking about your = response to=20 my questions about Japan. I appreciate it. I'm still a little confused = about=20 some things and will get back to you on it when my thoughts are = organized...if=20 that's possible.</FONT></DIV> <DIV><FONT face=3DArial size=3D2></FONT> </DIV> <DIV><FONT face=3DArial size=3D2></FONT> </DIV> <BLOCKQUOTE dir=3Dltr=20 style=3D"PADDING-RIGHT: 0px; PADDING-LEFT: 5px; MARGIN-LEFT: 5px; = BORDER-LEFT: #000000 2px solid; MARGIN-RIGHT: 0px"> <DIV style=3D"FONT: 10pt arial">----- Original Message ----- </DIV> <DIV=20 style=3D"BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: = black"><B>From:</B>=20 <A title=3Dstkguru@netside.net href=3D"mailto:stkguru@netside.net">Tom = Worley</A>=20 </DIV> <DIV style=3D"FONT: 10pt arial"><B>To:</B> <A = title=3Dcanslim@lists.xmission.com=20 href=3D"mailto:canslim@lists.xmission.com">CANSLIM</A> </DIV> <DIV style=3D"FONT: 10pt arial"><B>Sent:</B> Monday, December 24, 2001 = 2:27=20 PM</DIV> <DIV style=3D"FONT: 10pt arial"><B>Subject:</B> [CANSLIM] Head & = Shoulders=20 on the indexes?</DIV> <DIV><BR></DIV> <DIV><FONT size=3D2>Several of the internet charting services I get = have in the=20 past week been discussing the H&S patterns they see on the major = indexes.=20 Since so much of chart reading is "in the eye of the beholder", I was=20 surprised that no one in the group was mentioning this. So this = morning,=20 I took the time to look at all the major indexes at DGO, and I fail to = see=20 this pattern showing. Possibly the scales being used by these services = is=20 making the pattern appear, certainly it is clear on the charts they = present.=20 But I don't see it at DGO. When I use DGO beta, however, and kinda = squint my=20 eyes, I can see it on the NYSE Composite, Naz, and S&P 500, but = it's still=20 not that clear. I do not see it at all on the DOW 30, and the Russell=20 2000.</FONT></DIV> <DIV> </DIV> <DIV><FONT size=3D2>Since there is a wide variety of charting services = being=20 used by members, is anyone else seeing this pattern developing? What = charting=20 service are you using?</FONT></DIV> <DIV> </DIV> <DIV><FONT size=3D2>I confess to not being expert at reading / seeing = /=20 understanding a h&s pattern, so welcome any = commentary.</FONT></DIV> <DIV> </DIV> <DIV><FONT size=3D2>Tom Worley<BR><A=20 href=3D"mailto:stkguru@netside.net">stkguru@netside.net</A><BR>AIM:=20 TexWorley<BR></FONT></DIV></BLOCKQUOTE></BODY></HTML> - ------=_NextPart_000_000A_01C18C8D.FE8E4AA0-- - - - -To subscribe/unsubscribe, email "majordomo@xmission.com" - -In the email body, write "subscribe canslim" or - -"unsubscribe canslim". Do not use quotes in your email.
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