Re: [CANSLIM] Gold setups

From: Eric Jaenike <ericjaenike@yahoo.com>
Subject: Re: [CANSLIM] Gold setups
Date: Wed, 25 Sep 2002 07:30:42 -0700 (PDT)

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I think the action has been OK, but not great, for the past seven days. We saw some stalling on 9/13, but RGLD had just run up 20% in the previous 4 days, so a bit of a pause, and notably, no giveback, is not a big deal, IMHO.  RGLD then picked up another 6% the next day, continuing the run. The close on 9/17 was bullish, as the stock gapped down at the open, reversed and closed near the high of the day on volume. 9/18 was a little churny, but again, IMHO, not all that bad. The only other above volume day was yesterday, and RGLD was up 1.7%. Not great, but not bad either.
Given that the stock is up about 24% from the pivot, I consider the action so far to be acceptable. The view from a weekly chart looks OK too. But, of course, time will tell, and all stocks should be watched carefully always.
Eric
 AJAskey@aol.com wrote:In a message dated 9/24/2002 1:46:28 PM Central Daylight Time, ericjaenike@yahoo.com writes:


Note also RGLD breakout leading the group, holding up well so far and acting properly.



Eric,

I look at RGLD as acting poorly.  There has been very high volume in the past seven days with very little price movement.  It looks like distribution from the smart money to the dumb money to me.  I could be wrong but the good thing is the market always settles TA disagreements soon enough :)

Andy 


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<P>I think the action has been OK, but not great, for the past seven days. We saw some stalling on 9/13, but RGLD had just run up 20% in the previous 4 days, so&nbsp;a bit of a pause, and notably, no giveback, is not a big deal, IMHO.&nbsp; RGLD then picked up another 6% the next day, continuing the run. The&nbsp;close on 9/17 was bullish, as the stock gapped down at the open,&nbsp;reversed and closed near the high of the day on volume. 9/18 was a little churny, but again, IMHO, not all that bad. The only other above volume day was yesterday, and RGLD was up 1.7%. Not great, but not bad either.
<P>Given that the stock is up about 24% from the pivot, I consider the action so far to be acceptable. The view from a weekly chart looks OK too. But, of course, time will tell, and all stocks should be watched carefully always.
<P>Eric
<P>&nbsp;<B><I>AJAskey@aol.com</I></B> wrote:
<BLOCKQUOTE style="PADDING-LEFT: 5px; MARGIN-LEFT: 5px; BORDER-LEFT: #1010ff 2px solid"><FONT face=arial,helvetica><FONT size=2>In a message dated 9/24/2002 1:46:28 PM Central Daylight Time, ericjaenike@yahoo.com writes:<BR><BR><BR>
<BLOCKQUOTE style="PADDING-LEFT: 5px; MARGIN-LEFT: 5px; BORDER-LEFT: #0000ff 2px solid; MARGIN-RIGHT: 0px" TYPE="CITE">Note also RGLD breakout leading the group, holding up well so far and acting properly.<BR><BR></BLOCKQUOTE><BR><BR>Eric,<BR><BR>I look at RGLD as acting poorly.&nbsp; There has been very high volume in the past seven days with very little price movement.&nbsp; It looks like distribution from the smart money to the dumb money to me.&nbsp; I could be wrong but the good thing is the market always settles TA disagreements soon enough :)<BR><BR>Andy</FONT> </BLOCKQUOTE></FONT><p><br><hr size=1>Do you Yahoo!?<br>
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