Re: [CANSLIM] "M"

From: "Tom Worley" <stkguru@bellsouth.net>
Subject: Re: [CANSLIM] "M"
Date: Tue, 12 Nov 2002 21:48:51 -0500

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Don, I think that sustained heavy volume will be a major clue to what is
going on with the institutional money. For now, there appears to me to be
uncertainty, with lots of reasons to be fearful.

Institutional investors, esp. the mutual funds, have to put the money
somewhere. But so far there doesn't seem to be conviction, and they are
ready to move the money on a moments notice.

And a lot of cash is still sidelined in money markets and bond funds. When
that goes back to work in the equity market, it should be obvious after a
few days.

- ----- Original Message -----
From: "Don Canfield" <canfieldd@mindspring.com>
To: <canslim@lists.xmission.com>
Sent: Tuesday, November 12, 2002 12:15 PM
Subject: Re: [CANSLIM] "M"


Tom, for some time I've been noticing something similar.  I started to
notice a possible HSB developing, and then a short time ago, I noticed you
mentioned the same thing.  Now, in the NAZ, the HSB is almost picture
perfect, moving toward the right shoulder.  I'm now looking for support at
around 1200  in about 2-3 weeks, followed by a break of the neck line about
the first of the year.  That would look like a pretty neat reversal/bottom.

The other indices don't have quite as neat an HSB as NAZ, but it's still
there.

BTW, I haven't been following volume through these formations as much as I
should.  Limitations of the current chart viewer I've been using.  I just
can't get serious about this market, so I just take a peak from time to
time.

Any thoughts??

Don Canfield


- ----- Original Message -----
From: "Tom Worley" <stkguru@bellsouth.net>
To: "CANSLIM" <canslim@lists.xmission.com>
Sent: Tuesday, November 12, 2002 6:04 AM
Subject: [CANSLIM] "M"


> I took some time this morning to look at the major indexes on a weekly
chart
> (I usually just study the dailies). I am growingly concerned about the
> failure of any of the indexes to measurably surpass the highs set in late
> August. If they cannot hold the 50 DMA, then we may be looking for new
lows
> before the end of the year.
>
> I also cannot recall the last time every index chart looked exactly the
same
> (except for Utilities, Transportation). They are so similar, especially on
> weekly charts, that I had to keep checking the chart title to be sure I
was
> looking at a different one.
>
> Tom Worley
> stkguru@bellsouth.net
> AIM: TexWorley
>
>
>
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