Re: [CANSLIM] JOSB buy point

From: Harvey Brion <hbrion@ieee.org>
Subject: Re: [CANSLIM] JOSB buy point
Date: Fri, 25 Oct 2002 11:27:20 -0700

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Fundies and chart look pretty good.  IF the market has bottomed this is
probably a good buy at 23.  That's still a big IF.  Notice the stock
sold off with the market in late July and early Oct.  Good recent
guidance on Q3 and FY earnings.

I agree there's no handle but a high handle could be forming now in
which case I'm sure we'll see a future IBD reference to this beautiful
cup with (slightly high) handle.  Hind sight is oh so perfect.

James Bond wrote:

> I think JOSB is at a good entry point now that it has
> cleared the momo crowd (read CANSLIMer's). This was
> not a failed breakout because there was no clear pp.
> IBD was wrong to say that the pp was 23.18 - the drop
> from 23.08 to 15.96 (7.12 or 31%) was too deep for a
> handle but too shallow for a double bottom. The entire
> base was an inverted H&S formation with a complicated
> neckline. This pullback can be viewed as the normal
> test of the neckline after a H&S BO. The matching lows
> of yesterday and today are bullish in candlestick
> terms. So is the doji star candlestick today.
>
> If you were kicking yourself two days ago for missing
> the JOSB BO, now pretend you actually bought it right
> at pp of 23.18. What would have you done? You probably
> were anguishing over whether to hold on or to cut
> losses. Skip the anguish part. Put your stop at a few
> cents below 22. That would limit the potential loss at
> slightly over 5%. Since violations of matching lows
> rarely happen, now your position is safer than it was
> a few days ago. OTOH, if the stock drops below 22, I
> would seriously consider liquidating all positions and
> go completely in cash - it shouldn't happen in a
> healthy market, knowing all we know about the
> fundamentals of JOSB.
>
> Won't you say 23 is a great entry point now?
>
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