Go to Jeff Salisbury LWGate Home Page.From: "Katherine Malm" <kmalm@earthlink.net>
Subject: Re: [CANSLIM] Today's WebLink
Date: Thu, 30 May 2002 09:33:03 -0500
Previous Article (by Date): [CANSLIM] Maybe off-topic, but I don't think so "Duke Miller"
Top of Thread: [CANSLIM] Today's WebLink "Duke Miller"
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MessageHi Duke,
Churning is a well documented sign of distribution at the top and isn't =
something pulled out of the air by the author. Below I've sited some =
resources from TradingMarkets.com (Loren F. used to write for the IBD) =
and from Investors.com.
With respect to HOV in general, just goes to show that sell rules aren't =
all that cut and dried. Most of the sell "rules are actually guidelines =
and are used to "stack up" the evidence so to speak.
With HOV, I would go through a what-if similar to this:
- -Breakout from sound base? Yes 2/26, approx. $22.40
- -Run up of >=3D20% in less than 8 wks? Yes. By 4/19 was up 38%
- -At this point, a subset of sell rules start to kick in: That is, if the =
stocks runs up >=3D20% in 8 wks, you "may" want to sit through the first =
correction. (from HTMMIS, paraphrased)
- -May comes along and HOV gets its first bout of churning and =
distribution ( 5/6 heavy dist., 5/7 churning, 5/8 heavy dist.)
- -What to do?=20
-Step 1: stack up the evidence
pro: leading group, high RS and rising, market had FTD
con: group has been on a long run since early 2000, may =
be finished, many stocks breaking down
Choice 1: Weigh in, make a descision to hold on based on the =
>=3D20% in 8 wks guideline. Evidence you'll be looking for =
thereafter--support at 50dMA, action of other stocks, etc. (similar to =
the Weblink article)
-Choice 2: 2 days of heaving distribution + 1 churning =3D heavy =
evidence of unloading in 5 short days. Sell.
As far as I've been able to figure out, sell rules are *not* cut and =
dried. The individual's interpretation of the evidence, their tolerance =
for pain, their profit goals in entering the position, the length of =
time they've held the stock and current gains will weigh in to the =
decision. So, two people decide completely differently given the same =
chart AND the same set of WON/CANSLIM sell rules. Darn, wish it were =
more clear. I'd love to do a calculation and punch a button in/out. Now =
wouldn't *that* be keen?
=20
- -Katherine
Here are a few articles I've uploaded on the subject:
http://WallStreet-LLC.com/canslim/NewHighLightVol011901.JPG
http://WallStreet-LLC.com/canslim/NewHighsWeakVol060600.JPG
http://WallStreet-LLC.com/canslim/BuySellTipsVol102301.JPG
http://WallStreet-LLC.com/canslim/StickWithLeaders101000.JPG
=3D=3D=3D=3D=3D=3D=3D=3D=3D
Q: Eric S. Hill: How is it that a stock can trade many times its =
average volume on a given day with hardly any price hange? Is this to be =
considered bullish or bearish?=20
Loren Fleckenstein:
A: Eric: You cannot apply a mechanical rule that applies to all =
siutations. However, generally speaking, what you're describing is =
called "churning." Churning after a stock has made an extended advance =
could be bearish and a tip-off of a major price decline to come. =
Churning after a stock has suffered a major downturn could be bullish =
and signal that the stock is near a bottom.=20
=3D=3D=3D=3D=3D=3D
Question (Ask Bill O'Neil):
How do I know when to sell a well-performing stock to protect my gains?
Answer:
Many investors don't pay much attention to sell rules. But they are just =
as important as buy rules. After a stock has had a significant run-up, =
look for signs of fatigue.=20
One is what we call "churning." That's when the stock trades on =
comparatively heavy volume but can't manage to make meaningful price =
gains.=20
Another red flag is when the stock makes a new price high on low volume. =
Also troubling is when the stock repeatedly falls as volume increases.=20
Some stocks that double or go even higher over several months will peak =
in a "climax top" characterized by a couple of weeks in which the price =
bursts up 25% to 50% or more on heavy volume. Also watch for weakness in =
the stock's industry group, as well as the general market.=20
----- Original Message -----=20
From: Tom Worley=20
To: canslim@lists.xmission.com=20
Sent: Thursday, May 30, 2002 8:43 AM
Subject: Re: [CANSLIM] Today's WebLink
Duke, I would be a lot more impressed with IBD if they had reported =
that potential sell signal just a day or two later, rather than weeks =
later.=20
On the other hand, I would disagree that selling the next day was =
necessarily the right action. We see many signals, both buy and sell, as =
well as hold. It is the collective accumulation of those signals that =
should trigger an action, in most cases (the 8% stop loss rule being one =
of the few that stands on its own).
I realize that IBD is not being paid for specific investment advice, =
and likely would not want to precipitate a correction by reporting every =
sell signal immediately. But I do agree, all these new rules they seem =
to be coming up with, are they their interpretation of CANSLIM, or is =
this actually coming from WON?
----- Original Message -----=20
From: Duke Miller=20
To: CANSLIM=20
Sent: Thursday, May 30, 2002 9:02 AM
Subject: [CANSLIM] Today's WebLink
Bulletin: Here we go again with some new CANSLIM tactics springing =
from WON's perfect hindsight in today's WebLink on HOV. I quote:=20
But on May 8, the stock notched a new intraday high on quiet trade and =
finished lower that day (Point 4). New highs on low volume are one sign =
that demand is waning and pose as a key sell signal. However, given that =
the stock was only in the 10th week of its advance, it can be worth =
waiting to see if a rally still has juice. Over the next week and a =
half, Hovnanian fell hard and clipped its 50-day line on heavy trade =
(Point 5). On May 16, the stock closed below its 50-day for the first =
time since November. But from the next day, it began clawing its way =
back above the key intermediate trend line.
The first new lesson (to me, anyway) is couched in the statement, "But =
(operative word) on May 8...a new intraday high on quiet trade...a key =
sell signal." When I look at the chart on May 8, I see something =
different: It tells me the stock closed down that day on low volume. I =
thought this was a good sign. But now its a bad sign, because it =
reached a new "intraday" high on light volume. Maybe I was in the men's =
room during the advanced seminar when they covered this. :)
My point is, if you new about the "intraday high on low volume sell =
rule," wouldn't you have SOLD the next morning at the open? (If you =
didn't, then today's Investor's Corner is for naught.) =20
But wait a minute, lo and behold, yet another new rule surfaces: =
"However, given that the stock was only in the 10th week of its advance, =
it can be worth waiting to see if the rally still has juice." Where in =
the 24 Rules is that hidden? I searched the whole Investors.com for =
"rally juice" and nada.=20
In hindsight, the fact remains, if you held HOV, you would be wise to =
have sold on the new intraday high on low volume. That is, if you knew =
about that rule. =20
I guess we learn something new every day, don't we? Where oh where =
did I put that darn time machine! =20
Duke
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<HTML xmlns:o =3D=20
"urn:schemas-microsoft-com:office:office"><HEAD><TITLE>Message</TITLE>
<META http-equiv=3DContent-Type content=3D"text/html; =
charset=3Diso-8859-1">
<META content=3D"MSHTML 6.00.2600.0" name=3DGENERATOR>
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<DIV><FONT size=3D2><FONT face=3DArial>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><FONT =
face=3D"Times New Roman"=20
size=3D3>Hi Duke,</FONT></P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><FONT =
face=3D"Times New Roman"=20
size=3D3></FONT> </P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><FONT =
face=3D"Times New Roman"=20
size=3D3>Churning is a well documented sign of distribution at the top =
and isn't=20
something pulled out of the air by the author. Below I've sited some =
resources=20
from TradingMarkets.com (Loren F. used to write for the IBD) and from=20
Investors.com.</FONT></P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><FONT =
face=3D"Times New Roman"=20
size=3D3></FONT> </P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><FONT =
face=3D"Times New Roman"=20
size=3D3>With respect to HOV in general, just goes to show that sell =
rules aren't=20
all that cut and dried. Most of the sell "rules are actually guidelines =
and are=20
used to "stack up" the evidence so to speak.</FONT></P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><FONT =
face=3D"Times New Roman"=20
size=3D3></FONT> </P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><FONT =
face=3D"Times New Roman"=20
size=3D3>With HOV, I would go through a what-if similar to =
this:</FONT></P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><FONT =
face=3D"Times New Roman"=20
size=3D3>-Breakout from sound base? Yes 2/26, approx. $22.40</FONT></P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><FONT =
face=3D"Times New Roman"=20
size=3D3>-Run up of >=3D20% in less than 8 wks? Yes. By 4/19 was up=20
38%</FONT></P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><FONT =
face=3D"Times New Roman"=20
size=3D3>-At this point, a subset of sell rules start to kick in: That =
is, if the=20
stocks runs up >=3D20% in 8 wks, you "may" want to sit through the =
first=20
correction. (from HTMMIS, paraphrased)</FONT></P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><FONT =
face=3D"Times New Roman"=20
size=3D3>-May comes along and HOV gets its first bout of churning and =
distribution=20
( 5/6 heavy dist., 5/7 churning, 5/8 heavy dist.)</FONT></P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><FONT =
face=3D"Times New Roman"=20
size=3D3>-What to do? </FONT></P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><FONT =
face=3D"Times New Roman"=20
size=3D3> -Step 1: stack up the =
evidence</FONT></P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><FONT =
face=3D"Times New Roman"=20
size=3D3> &nbs=
p; =20
pro: leading group, high RS and rising, market had FTD</FONT></P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><FONT =
face=3D"Times New Roman"=20
size=3D3> &nbs=
p; =20
con: group has been on a long run since early 2000, may be finished, =
many stocks=20
breaking down</FONT></P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><FONT =
face=3D"Times New Roman"=20
size=3D3> Choice 1: =
Weigh in, make=20
a descision to hold on based on the >=3D20% in 8 wks guideline. =
Evidence you'll=20
be looking for thereafter--support at 50dMA, action of other stocks, =
etc.=20
(similar to the Weblink article)</FONT></P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><FONT =
face=3D"Times New Roman"=20
size=3D3> -Choice 2: 2 days of heaving =
distribution=20
+ 1 churning =3D heavy evidence of unloading in 5 short days. =
Sell.</FONT></P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><FONT =
face=3D"Times New Roman"=20
size=3D3></FONT> </P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><FONT =
face=3D"Times New Roman"=20
size=3D3>As far as I've been able to figure out, sell rules are *not* =
cut and=20
dried. The individual's interpretation of the evidence, their tolerance =
for=20
pain, their profit goals in entering the position, the length of time =
they've=20
held the stock and current gains will weigh in to the decision. So, two =
people=20
decide completely differently given the same chart AND the same set of=20
WON/CANSLIM sell rules. Darn, wish it were more clear. I'd love to do a=20
calculation and punch a button in/out. Now wouldn't *that* be =
keen?</FONT></P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><FONT =
face=3D"Times New Roman"=20
size=3D3> </FONT></P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><FONT =
face=3D"Times New Roman"=20
size=3D3>-Katherine</FONT></P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"> </P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><FONT =
face=3D"Times New Roman"=20
size=3D3>Here are a few articles I've uploaded on the =
subject:</FONT></P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><FONT =
face=3D"Times New Roman"=20
size=3D3></FONT> </P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><SPAN=20
style=3D"mso-fareast-font-family: 'MS Mincho'"><FONT face=3D"Courier =
New"><SPAN=20
style=3D"mso-fareast-font-family: 'MS Mincho'"><FONT face=3D"Courier =
New"><A=20
href=3D"http://WallStreet-LLC.com/canslim/NewHighLightVol011901.JPG">http=
://WallStreet-LLC.com/canslim/</FONT></SPAN>NewHighLightVol011901.JPG</A>=
</FONT></SPAN></P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><SPAN=20
style=3D"mso-fareast-font-family: 'MS Mincho'"><FONT=20
face=3D"Courier New"><o:p></o:p></FONT></SPAN> </P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><SPAN=20
style=3D"mso-fareast-font-family: 'MS Mincho'"><FONT face=3D"Courier =
New"><SPAN=20
style=3D"mso-fareast-font-family: 'MS Mincho'"><FONT face=3D"Courier =
New"><A=20
href=3D"http://WallStreet-LLC.com/canslim/NewHighsWeakVol060600.JPG">http=
://WallStreet-LLC.com/canslim/</FONT></SPAN>NewHighsWeakVol060600.JPG</A>=
</FONT></SPAN></P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><SPAN=20
style=3D"mso-fareast-font-family: 'MS Mincho'"><FONT=20
face=3D"Courier New"><o:p></o:p></FONT></SPAN> </P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><SPAN=20
style=3D"mso-fareast-font-family: 'MS Mincho'"><FONT face=3D"Courier =
New"><SPAN=20
style=3D"mso-fareast-font-family: 'MS Mincho'"><FONT face=3D"Courier =
New"><A=20
href=3D"http://WallStreet-LLC.com/canslim/BuySellTipsVol102301.JPG">http:=
//WallStreet-LLC.com/canslim/</FONT></SPAN>BuySellTipsVol102301.JPG</A></=
FONT></SPAN></P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><SPAN=20
style=3D"mso-fareast-font-family: 'MS Mincho'"><FONT=20
face=3D"Courier New"><o:p></o:p></FONT></SPAN> </P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><SPAN=20
style=3D"mso-fareast-font-family: 'MS Mincho'"><FONT face=3D"Courier =
New"><SPAN=20
style=3D"mso-fareast-font-family: 'MS Mincho'"><FONT face=3D"Courier =
New"><A=20
href=3D"http://WallStreet-LLC.com/canslim/StickWithLeaders101000.JPG">htt=
p://WallStreet-LLC.com/canslim/</FONT></SPAN>StickWithLeaders101000.JPG</=
A></FONT></SPAN></P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><SPAN=20
style=3D"mso-fareast-font-family: 'MS Mincho'"><FONT=20
face=3D"Courier =
New"><o:p></o:p></FONT></SPAN> </P></FONT></FONT></DIV>
<DIV><FONT size=3D2><FONT=20
face=3DArial><STRONG>=3D=3D=3D=3D=3D=3D=3D=3D=3D</STRONG></FONT></FONT></=
DIV>
<DIV><FONT size=3D2><FONT =
face=3DArial><STRONG>Q:</STRONG> <FONT=20
color=3Dblue><B> Eric S. Hill: How is it that a stock can trade many =
times its=20
average volume on a given day with hardly any price hange? Is this to be =
considered bullish or bearish? </FONT></FONT></FONT></B><BR><BR><FONT=20
face=3DArial,Helvetica size=3D2><B>Loren =
Fleckenstein:</B></FONT><BR><BR><FONT=20
face=3DArial,Helvetica size=3D2><B>A: </B><FONT =
face=3DArial,Helvetica=20
size=3D2> Eric: You cannot apply a mechanical rule that applies to all =
siutations.=20
However, generally speaking, what you're describing is called =
"churning."=20
Churning after a stock has made an extended advance could be bearish and =
a=20
tip-off of a major price decline to come. Churning after a stock has =
suffered a=20
major downturn could be bullish and signal that the stock is near a=20
bottom.</FONT> </FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2>=3D=3D=3D=3D=3D=3D</FONT></DIV>
<DIV>Question (Ask Bill O'Neil):</DIV>
<DIV>How do I know when to sell a well-performing stock to protect my=20
gains?</DIV>
<DIV> </DIV>
<DIV>Answer:</DIV>
<DIV>Many investors don't pay much attention to sell rules. But they are =
just as=20
important as buy rules. After a stock has had a significant run-up, look =
for=20
signs of fatigue. <BR><BR>One is what we call "churning." That's when =
the stock=20
trades on comparatively heavy volume but can't manage to make meaningful =
price=20
gains. <BR><BR>Another red flag is when the stock makes a new price high =
on low=20
volume. Also troubling is when the stock repeatedly falls as volume =
increases.=20
<BR><BR>Some stocks that double or go even higher over several months =
will peak=20
in a "climax top" characterized by a couple of weeks in which the price =
bursts=20
up 25% to 50% or more on heavy volume. Also watch for weakness in the =
stock's=20
industry group, as well as the general market. <BR></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@bellsouth.net =
href=3D"mailto:stkguru@bellsouth.net">Tom=20
Worley</A> </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@lists.xmission.com</A>=
</DIV>
<DIV style=3D"FONT: 10pt arial"><B>Sent:</B> Thursday, May 30, 2002 =
8:43=20
AM</DIV>
<DIV style=3D"FONT: 10pt arial"><B>Subject:</B> Re: [CANSLIM] Today's=20
WebLink</DIV>
<DIV><BR></DIV>
<DIV><FONT face=3DArial>Duke, I would be a lot more impressed with IBD =
if they=20
had reported that potential sell signal just a day or two later, =
rather than=20
weeks later. </FONT></DIV>
<DIV><FONT face=3DArial></FONT> </DIV>
<DIV><FONT face=3DArial>On the other hand, I would disagree that =
selling the=20
next day was necessarily the right action. We see many signals, both =
buy and=20
sell, as well as hold. It is the collective accumulation of those =
signals that=20
should trigger an action, in most cases (the 8% stop loss rule being =
one of=20
the few that stands on its own).</FONT></DIV>
<DIV><FONT face=3DArial></FONT> </DIV>
<DIV><FONT face=3DArial>I realize that IBD is not being paid for =
specific=20
investment advice, and likely would not want to precipitate a =
correction by=20
reporting every sell signal immediately. But I do agree, all these new =
rules=20
they seem to be coming up with, are they their interpretation of =
CANSLIM, or=20
is this actually coming from WON?</FONT></DIV>
<DIV><FONT face=3DArial></FONT> </DIV>
<DIV style=3D"FONT: 10pt arial">----- Original Message -----=20
<DIV style=3D"BACKGROUND: #e4e4e4; font-color: black"><B>From:</B> <A=20
title=3Ddukemill@tampabay.rr.com =
href=3D"mailto:dukemill@tampabay.rr.com">Duke=20
Miller</A> </DIV>
<DIV><B>To:</B> <A title=3Dcanslim@lists.xmission.com=20
href=3D"mailto:canslim@lists.xmission.com">CANSLIM</A> </DIV>
<DIV><B>Sent:</B> Thursday, May 30, 2002 9:02 AM</DIV>
<DIV><B>Subject:</B> [CANSLIM] Today's WebLink</DIV></DIV>
<DIV><BR></DIV>
<DIV><SPAN class=3D656573312-30052002><FONT =
face=3DArial>Bulletin: Here we=20
go again with some new CANSLIM tactics springing from WON's perfect =
hindsight=20
in today's WebLink on HOV.<SPAN class=3D656573312-30052002><FONT=20
face=3DArial> I quote:</FONT></SPAN></FONT></SPAN><SPAN=20
class=3D656573312-30052002><FONT =
face=3DArial> </FONT></SPAN></DIV>
<DIV><SPAN class=3D656573312-30052002><FONT=20
face=3DArial></FONT></SPAN> </DIV>
<DIV><SPAN class=3D656573312-30052002>But on May 8, the stock notched =
a new=20
intraday high on quiet trade and finished lower that day (Point 4). =
New highs=20
on low volume are one sign that demand is waning and pose as a key =
sell=20
signal. However, given that the stock was only in the 10th week of its =
advance, it can be worth waiting to see if a rally still has juice. =
Over the=20
next week and a half, Hovnanian fell hard and clipped its 50-day line =
on heavy=20
trade (Point 5). On May 16, the stock closed below its 50-day for the =
first=20
time since November. But from the next day, it began clawing its way =
back=20
above the key intermediate trend line.</SPAN></DIV>
<DIV><FONT face=3DArial></FONT> </DIV>
<DIV><SPAN class=3D656573312-30052002><FONT face=3DArial>The =
first new lesson=20
(to me, anyway) is couched in the statement, "But (operative =
word) on May=20
8...a new intraday high on quiet trade...a key sell signal." =
When I look=20
at the chart on May 8, I see something different: It tells =
me the=20
stock closed down that day on low volume. I thought this was a =
good=20
sign. But now its a bad sign, because it reached a new =
"intraday" high=20
on light volume. Maybe I was in the men's room during the =
advanced=20
seminar when they covered this. :)</FONT></SPAN></DIV>
<DIV><SPAN class=3D656573312-30052002><FONT=20
face=3DArial></FONT></SPAN> </DIV>
<DIV><SPAN class=3D656573312-30052002><FONT face=3DArial>My point is, =
if you new=20
about the "intraday high on low volume sell rule," wouldn't =
you have=20
SOLD the next morning at the open? (If you didn't, then today's=20
Investor's Corner is for naught.) </FONT></SPAN></DIV>
<DIV><SPAN class=3D656573312-30052002><FONT=20
face=3DArial></FONT></SPAN> </DIV>
<DIV><SPAN class=3D656573312-30052002><FONT face=3DArial>But wait a=20
minute, lo and behold, yet another new rule surfaces: =20
"However, given that the stock was only in the 10th week of its =
advance, it=20
can be worth waiting to see if the rally still has juice." Where =
in the=20
24 Rules is that hidden? I searched the whole Investors.com for =
"rally=20
juice" and nada. </FONT></SPAN></DIV>
<DIV><SPAN class=3D656573312-30052002><FONT=20
face=3DArial></FONT></SPAN> </DIV>
<DIV><SPAN class=3D656573312-30052002><FONT face=3DArial>In hindsight, =
the fact=20
remains, if you held HOV, you would be wise to have sold on the new =
intraday=20
high on low volume. That is, if you knew about that=20
rule. </FONT></SPAN></DIV>
<DIV><SPAN class=3D656573312-30052002><FONT=20
face=3DArial></FONT></SPAN> </DIV>
<DIV><SPAN class=3D656573312-30052002><FONT face=3DArial>I guess we =
learn=20
something new every day, don't we? </FONT></SPAN><SPAN=20
class=3D656573312-30052002><FONT face=3DArial>Where oh where did I put =
that darn=20
time machine! </DIV>
<DIV>
<P></FONT></SPAN><SPAN class=3D656573312-30052002><FONT=20
face=3DArial>Duke</FONT></SPAN></P></DIV>
<DIV align=3Dleft> </DIV>
<DIV><FONT face=3DArial></FONT> </DIV></BLOCKQUOTE></BODY></HTML>
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