Go to Jeff Salisbury LWGate Home Page.From: "Tom Worley" <stkguru@bellsouth.net>
Subject: Re: [CANSLIM] FW: Summer Relief Rally- Is It Possible? and Energy Power in the News
Date: Sat, 10 Aug 2002 17:32:58 -0400
Next Article (by Date): Re: [CANSLIM] CCR - I offer this up for dissection "Tom Worley"
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This is a multi-part message in MIME format. - ------=_NextPart_000_017E_01C24093.F82994C0 Content-Type: text/plain; charset="Windows-1252" Content-Transfer-Encoding: quoted-printable Mike, what I was referring to is the following quote: This past week the NASDAQ broke up its' downtrend line (shown in red) = for the first time since the sell off steepened in mid May, leading to = three months of bloodletting on all the major indexes.=20 In addition, the NASDAQ has recently put in a double bottom. The second = bottom was slightly higher than the first. Technicians will tell you = this is a bullish indicator in the short term.=20 Last week was not the first time Naz broke up thru its downtrend line, = even on their own chart. And I don't know of any technicians that prefer = the second bottom to remain above the first bottom, least that is not = how I was trained on them. A good undercut doesn't guarantee there = won't be a third bottom, but the failure to undercut increases the odds = of a failed rally, and the "shortness" of the term for the rally is = thereby very much less predictable. The only ones I know that would like = this would be shorters looking for an improved selling point, before the = market tanks again to even lower levels. This is contrary to their = advice on NVDA and several other stocks, beaten down by the market, = which they see as bounce plays (which is what I gathered they see on = NVDA, buy for a bounce only, not because of the fundies). I would add that the last double bottom by NASDAQ fooled me into false = belief (hope??) that the bottom had finally been reached. My standards = this time are more severe, even tho I remain fully invested, and beat = the indexes again last week. - ----- Original Message -----=20 From: Mike Gibbons=20 To: canslim@lists.xmission.com=20 Sent: Saturday, August 10, 2002 5:21 PM Subject: RE: [CANSLIM] FW: Summer Relief Rally- Is It Possible? and = Energy Power in the News Thanks Tom for explaining the apparant contradiction - I need to look = beyond the end of my nose. Regarding the double-bottom, I presume you are referring to the fact = that the second bottom didn't undercut the first. I guess a third bottom = is somewhere in the NAS's future, which seemed to be the conclusion = anyway. Aloha, Mike Gibbons Proactive Technologies, LLC http://www.proactech.com -----Original Message----- From: owner-canslim@lists.xmission.com = [mailto:owner-canslim@lists.xmission.com]On Behalf Of Tom Worley Sent: Saturday, August 10, 2002 11:03 AM To: canslim@lists.xmission.com Subject: Re: [CANSLIM] FW: Summer Relief Rally- Is It Possible? and = Energy Power in the News Mike, as the newsletter says, NVDA indicated the future looks bleak. = Past 4 qtrs of fundamentals are very strong, but now they will be = comparing to those strong fundies for the next 4 qtrs. And forecast from = DGO indicates a 16% decline in earnings this year, and only a 7% gain = from that lower level next year (which won't quite get them back to what = they made last year). I also disagree with some of the statements made = in the newsletter about the Naz chart, I am not impressed with their = reading, or their understanding of a double bottom either. @lyris.otcjournal.com=20 - ------=_NextPart_000_017E_01C24093.F82994C0 Content-Type: text/html; charset="Windows-1252" 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=3Dwindows-1252"> <META content=3D"MSHTML 6.00.2716.2200" name=3DGENERATOR> <STYLE></STYLE> </HEAD> <BODY bottomMargin=3D0 bgColor=3D#ffffff leftMargin=3D0 topMargin=3D0 = rightMargin=3D0=20 marginwidth=3D"0" marginheight=3D"0"> <DIV><FONT face=3DArial>Mike, what I was referring to is the following=20 quote:</FONT></DIV> <DIV> <P><FONT face=3DVerdana><FONT size=3D-1>This past week the NASDAQ broke = up its'=20 downtrend line (shown in red) for the first time since the sell off = steepened in=20 mid May, leading to three months of bloodletting on all the major=20 indexes.</FONT></FONT>=20 <P><FONT face=3DVerdana><FONT size=3D-1>In addition, the NASDAQ has = recently put in=20 a double bottom. The second bottom was slightly higher than the first.=20 Technicians will tell you this is a bullish indicator in the short=20 term.</FONT></FONT> </P> <P><FONT face=3DArial size=3D3>Last week was not the first time Naz = broke up thru=20 its downtrend line, even on their own chart. And I don't know of any = technicians=20 that prefer the second bottom to remain above the first bottom, least = that is=20 not how I was trained on them. A good undercut doesn't guarantee = there=20 won't be a third bottom, but the failure to undercut increases the odds = of a=20 failed rally, and the "shortness" of the term for the rally is thereby = very much=20 less predictable. The only ones I know that would like this would be = shorters=20 looking for an improved selling point, before the market tanks again to = even=20 lower levels. This is contrary to their advice on NVDA and several other = stocks,=20 beaten down by the market, which they see as bounce plays (which is what = I=20 gathered they see on NVDA, buy for a bounce only, not because of the=20 fundies).</FONT></P> <P><FONT face=3DArial>I would add that the last double bottom by NASDAQ = fooled me=20 into false belief (hope??) that the bottom had finally been reached. My=20 standards this time are more severe, even tho I remain fully invested, = and beat=20 the indexes again last week.</FONT></P> <P><FONT face=3DArial></FONT> </P></DIV> <DIV style=3D"FONT: 10pt arial">----- Original Message -----=20 <DIV style=3D"BACKGROUND: #e4e4e4; font-color: black"><B>From:</B> <A=20 title=3Dmikegibbons@proactech.com = href=3D"mailto:mikegibbons@proactech.com">Mike=20 Gibbons</A> </DIV> <DIV><B>To:</B> <A title=3Dcanslim@lists.xmission.com=20 href=3D"mailto:canslim@lists.xmission.com">canslim@lists.xmission.com</A>= </DIV> <DIV><B>Sent:</B> Saturday, August 10, 2002 5:21 PM</DIV> <DIV><B>Subject:</B> RE: [CANSLIM] FW: Summer Relief Rally- Is It = Possible? and=20 Energy Power in the News</DIV></DIV> <DIV><BR></DIV> <DIV><SPAN class=3D030431521-10082002><FONT face=3DTahoma = color=3D#000080=20 size=3D2>Thanks Tom for explaining the apparant contradiction - I need = to look=20 beyond the end of my nose.</FONT></SPAN></DIV> <DIV><SPAN class=3D030431521-10082002><FONT face=3DTahoma = color=3D#000080=20 size=3D2></FONT></SPAN> </DIV> <DIV><SPAN class=3D030431521-10082002><FONT face=3DTahoma = color=3D#000080=20 size=3D2>Regarding the double-bottom, I presume you are referring to the = fact that=20 the second bottom didn't undercut the first. I guess a third bottom is = somewhere=20 in the NAS's future, which seemed to be the conclusion=20 anyway.</FONT></SPAN></DIV> <DIV> </DIV> <DIV><FONT face=3DTahoma color=3D#000080 size=3D2>Aloha,</FONT></DIV> <DIV><FONT face=3DTahoma color=3D#000080 size=3D2></FONT> </DIV> <DIV><FONT face=3DTahoma color=3D#000080 size=3D2>Mike = Gibbons</FONT></DIV> <DIV><FONT face=3DTahoma color=3D#000080 size=3D2>Proactive = Technologies,=20 LLC</FONT></DIV> <DIV><FONT face=3DTahoma color=3D#000080=20 size=3D2>http://www.proactech.com</FONT></DIV> <BLOCKQUOTE> <DIV class=3DOutlookMessageHeader dir=3Dltr align=3Dleft><FONT = face=3DTahoma=20 size=3D2>-----Original Message-----<BR><B>From:</B>=20 owner-canslim@lists.xmission.com=20 [mailto:owner-canslim@lists.xmission.com]<B>On Behalf Of </B>Tom=20 Worley<BR><B>Sent:</B> Saturday, August 10, 2002 11:03 = AM<BR><B>To:</B>=20 canslim@lists.xmission.com<BR><B>Subject:</B> Re: [CANSLIM] FW: Summer = Relief=20 Rally- Is It Possible? and Energy Power in the = News<BR><BR></FONT></DIV> <DIV><FONT face=3DArial>Mike, as the newsletter says, NVDA indicated = the future=20 looks bleak. Past 4 qtrs of fundamentals are very strong, but = now they=20 will be comparing to those strong fundies for the next 4 qtrs. And = forecast=20 from DGO indicates a 16% decline in earnings this year, and only a 7% = gain=20 from that lower level next year (which won't quite get them back to = what they=20 made last year). I also disagree with some of the statements = made in the=20 newsletter about the Naz chart, I am not impressed with their reading, = or=20 their understanding of a double bottom=20 either.</FONT></DIV>@lyris.otcjournal.com </BLOCKQUOTE></BODY></HTML> - ------=_NextPart_000_017E_01C24093.F82994C0-- - - - -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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