Re: [CANSLIM] PENN

From: "Tom Worley" <stkguru@netside.net>
Subject: Re: [CANSLIM] PENN
Date: Thu, 10 Jan 2002 22:44:52 -0500

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What strikes me a one of the best positive indicators is that the volume
during the past week+ gentle decline is all on well below average volume.

Tom Worley
stkguru@netside.net
AIM: TexWorley
- ----- Original Message -----
From: "esetser" <esetser@covad.net>
To: <canslim@lists.xmission.com>
Sent: Thursday, January 10, 2002 11:19 PM
Subject: Re: [CANSLIM] PENN


> Here's my take (a good exercise, since I own it!)
>
> Cup started on 7/3/01 with a high of 27.98, hit a bottom just after 9/11
> (like most of the market).  At that point, it started the right side of
the
> cup, and worked up to a new high.  I see a short 4 day handle around the
> Thanksgiving, and then a breakout on 11/27.  From there, it formed a new
> handle, pivot 26.89 for 6 days, and broke out strongly on 12/7 with much
> higher volume than the breakout from the previous shorter handle.  I
> purchased the next day, but the stock pulled back for 2 days, testing any
> CANSLIMers mettle, but then recovered back above the pivot, moved up, had
> another 2 day test, and then moved on up to a new 52 week high.  The
action
> since then has been a consolidation of the previous moves up, more than
20%
> in 3 or 4 weeks.  During this time, it had tested the B/O over the 52
week,
> but has moved higher after each of those tests so far.
>
> Over the last 7 of 8 trading days, it has once again formed a handle, in
> this case a "high handle" slightly above the 52 week high.  The high of
the
> handle is 30.70, and I would think a strong move above it on good volume
> would offer another potential buying opp for a CANSLIMer.  Others agree?
>
>
> At 06:24 AM 1/10/02 -0600, you wrote:
> >How do you evaluate a chart like PENN.  I first entered this stock on
11/27
> >when it appeared to be breaking out of a very short handle.  I was
stopped
> >out in about a week on 12/5.  Now it appears to be forming another
handle.
> >Do you still treat this type of formation as a c/h even though there
appears
> >to be several small failed handles on the right side of the base?
> >
> >Thanks in advance for your input.
> >
> >
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>
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