Re: [CANSLIM] CSTR

From: Ian <ianstm@shaw.ca>
Subject: Re: [CANSLIM] CSTR
Date: Tue, 27 Aug 2002 21:09:55 -0700
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Sorry - I guess I wasn't clear. I had been eyeing CSTR closely ever since it
hit $33-$34 last week - looking to initiate a short at the first sign of
technical weakness. I was hoping to see an intra-day move below $31 on
volume. I had NOT seen this, so I didn't put on a short position. By the
time I looked at it this morning, it was already at $26 - so I never did end
up shorting it this time (the last time I shorted it, which I posted about
here in April, it worked pretty well - but I've been out of it for a while).

I was trying to point out to Mike that the overnight haircut is the thorn in
the side of CANSLIM (and probably any long technique), and there really were
no major warning signs.

Cheers,

Ian


- ----- Original Message -----
From: david frank <camelot.homes@charter.net>
To: <canslim@lists.xmission.com>
Sent: Tuesday, August 27, 2002 1:09 PM
Subject: Re: [CANSLIM] CSTR


> Ian, what did you see in CSTR as a short sale, technically speaking; don't
> see a H&S top, or 2-3 down shoulders, perhaps, a double top? Did you sell
> short during the pre-market or regular hours. Nice trade. dave
> ----- Original Message -----
> From: "Ian" <ianstm@shaw.ca>
> To: <canslim@lists.xmission.com>
> Sent: Tuesday, August 27, 2002 2:44 PM
> Subject: Re: [CANSLIM] CSTR
>
>
> > Mike:
> >
> > If it makes you feel better - I was looking for chart weakness so that I
> > could intitate another short position - and I hadn't found any weakness
> > before today. I would say that technically, the stock has behaved
> extremely
> > strongly up until today - strong enough to scare me away from shorting
it.
> > Just my 2 cents.
> >
> > Ian
> >
> >
> > ----- Original Message -----
> > From: <michael_niemotka@baxter.com>
> > To: <canslim@lists.xmission.com>
> > Sent: Tuesday, August 27, 2002 8:22 AM
> > Subject: RE: [CANSLIM] CSTR
> >
> >
> > >
> > > I appreciate all the advice that I have gotten.  It is when stuff like
> > this
> > > happens that makes me question a trading "method".  I'm sure if CSTR
> stays
> > > down, it will only be a matter of time before I see and IBD write up
> using
> > > their famous 20-20 hindsight to show why it was destined to fall.
Does
> > > anyone else see anything in the price volume action that would lead
them
> > to
> > > believe that this was going to happen, or is it the M that is still
not
> > > strong enough?
> > >
> > > Okay, now I feel a bit better after venting.  Thank you all!
> > >
> > >
> > > Mike Niemotka , PE
> > > Sr. Principal Engineer
> > > Baxter Healthcare Corporation
> > > Route 120 & Wilson Road
> > > Round Lake, IL 60073
> > > Tel (847) 270-4075
> > > Fax (847) 270-4525
> > > michael_niemotka@baxter.com
> > >
> > >
> > >
> > >                     "Edward W. Gjertsen
> > >                     II"                           To:
> > canslim@lists.xmission.com
> > >                     <ed@macktracks.com>           cc:
> > >                     Sent by:                      Subject:     RE:
> > [CANSLIM] CSTR
> > >                     owner-canslim@lists.xm
> >
> > >                     ission.com
> > >
> > >
> > >                     08/27/2002 10:09 AM
> > >                     Please respond to
> > >                     canslim
> > >
> > >
> > >
> > >
> > >
> > >
> > > Dear Mike
> > >
> > > CSTR was a favorite of many Canslimers - with the problems we faced
with
> > > buying CVH recently (too many chasing too few) we are seeing similar
> > > results, which unfortunately are on the downside.  You mentioned that
> > > you got into the office late.  Remember - there are people who do this
> > > for a living with millions at stake.  A slight smell of weakness and
> > > they may sell some of their position to take some risk off the table -
> > > selling begets selling and before you know it CSTR is down over 20%.
We
> > > have been in this situation several times before - and sold quickly -
> > > and yes much to our chagrin - some stocks came roaring back - but in
> > > other cases the stock kept declining.  Throw out your ego - sell - and
> > > if CSTR sets up again look at buying it.  I don't want to get too deep
> > > into wash sale rules, but you can't take and loss on CSTR if you buy
it
> > > back within 30 days.  Good luck
> > >
> > > Ed Gjertsen II
> > > ed@macktracks.com
> > >
> > > -----Original Message-----
> > > From: owner-canslim@lists.xmission.com
> > > [mailto:owner-canslim@lists.xmission.com] On Behalf Of
> > > michael_niemotka@baxter.com
> > > Sent: Tuesday, August 27, 2002 9:25 AM
> > > To: canslim@lists.xmission.com
> > > Subject: [CANSLIM] CSTR
> > >
> > > Does anyone know what is going on with this stock?  Got in late to the
> > > office today and it is down 18%!!!
> > >
> > > I know we are supposed to sell at 7-8%, but now do I sell anyway, or
> > > wait
> > > it out to see if the day may turn a bit?
> > >
> > > Thanks
> > >
> > > Mike Niemotka , PE
> > > Sr. Principal Engineer
> > > Baxter Healthcare Corporation
> > > Route 120 & Wilson Road
> > > Round Lake, IL 60073
> > > Tel (847) 270-4075
> > > Fax (847) 270-4525
> > > michael_niemotka@baxter.com
> > >
> > >
> > >
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