Go to Jeff Salisbury LWGate Home Page.From: "Tom Worley" <stkguru@bellsouth.net>
Subject: Re: [CANSLIM] CANSLIM Hunting List 3/17/03
Date: Wed, 19 Mar 2003 09:01:01 -0500
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CANSLIM originally was a small to mid cap system, with heavy emphasis on =
earnings growth. Over the past 5-7 years, WON modified it to include =
large caps, even ones with strong sales growth but not yet profitable. I =
didn't shift with that change, so guess I am in that regard just old =
fashioned.
I also look well below the $12-15 minimum price, as low as even under a =
dollar, altho that is extremely risky these days, as they will likely be =
delisted from Nasdaq if they don't get over $1.00. I also look at very =
small companies, some with market caps as small as $20-30 million. I do =
not exclude stocks based on liquidity, my minimum for screening is 1,000 =
shares daily. I also don't look at high priced stocks, but have modified =
that in past months. Before I only looked up to $20/share, I have raised =
that limit to $24 and occasionally look even higher. I am only focused =
on tech stocks, both because I can understand them better, and because I =
believe they offer the best chance of earnings growth greater than =
market trends.=20
For years, I have bought prior to the b/o, primarily because I did not =
have time to watch stocks during the day. That is not new for me, but =
certainly a violation of CANSLIM rules. I set my mental or hard stop =
loss below the bottom of the basing formation (flat line, handle, etc.) =
even if that means more than an 8% loss. I don't sell at a 20% gain =
(which is only a CANSLIM beginners rule anyway), rather using the =
charts, trends, my knowledge and experience, and my personal rules of =
thumb to set upside sell targets. I also set my EPS ranking at 50 or so, =
and pay more attention to whether the trend of earnings growth suggests =
it will soon (within a year) be ranked over 80.
Until some months ago, I only looked at stocks breaking new highs. To =
this end, I kept my RS screening criteria quite high, normally needing =
90 or better. I started using lists of stocks moving over their 200 dma, =
so have also given the RS ranking more liberal criteria, putting more =
attention in these cases on the chart formation and fundamentals.
I am sure there are a lot more adjustments I have made than I am =
thinking of at the moment, some I probably do as much from instinct and =
experience as from conscious mental practice, but this will give you =
some "flavor" anyway. My lack of time has cost me mostly in the area of =
due diligence, which used to be very rigorous. Nowadays, it is often =
pretty superficial, but this is not by choice, purely due lack of time.
- ----- Original Message -----=20
From: S=E9bastien Derks=20
To: canslim@lists.xmission.com=20
Sent: Wednesday, March 19, 2003 8:37 AM
Subject: RE: [CANSLIM] CANSLIM Hunting List 3/17/03
What rules have you modified of CANSLIM in this bear market?
=20
- -----Original Message-----
From: owner-canslim@lists.xmission.com =
[mailto:owner-canslim@lists.xmission.com] On Behalf Of Tom Worley
Sent: woensdag 19 maart 2003 14:05
To: canslim@lists.xmission.com
Subject: Re: [CANSLIM] CANSLIM Hunting List 3/17/03
=20
Chuck, essentially I agree. However, that said, CANSLIM is designed to =
reduce risk and increase probability of making money for the majority. =
It works best in a bull market trend, but it still works (albeit with =
more risk, more work and substantially heightened frequency of failure) =
for the long term investor even in a continuing bear market such as we =
have had. Pure CANSLIM won't do this, sticking strictly to the =
conservative rules designed to enhance probability of success for the =
majority of investors with limited investing or CANSLIM experience =
dictates being out of the market during a bear trend.
=20
For most CANSLIMers, it has been a period of cash and hibernation the =
past several years, and maybe for some years yet to come. Some investors =
needing / wanting to be in the markets will have to change style and =
strategy, converting from investing to day or short term trading. Some =
will "reinvent" CANSLIM, and use it as a gauge in order to trade the =
short side of the markets. Some, like myself, will stay on the long =
side, but modify the rules of CANSLIM, take more risk, and obtain less =
return even with more work.
=20
Bottom line, CANSLIM is not dead by any means, not in this bear market, =
not in any past bears, and not likely for future bears as well.
=20
- ----- Original Message -----=20
From: Charles & Lois Layne=20
To: canslim@lists.xmission.com=20
Sent: Wednesday, March 19, 2003 7:18 AM
Subject: Re: [CANSLIM] CANSLIM Hunting List 3/17/03
=20
=20
----- Original Message -----=20
From: dlawson=20
=20
Speaking of CANSLIM hunting lists and the death of CANSLIM. Won never =
said that a B.O.(breakout) was ever a gaurantied bull market rally. He =
said that a major bull market rally never occurred without a B.O.! As =
for picking a stock, as of this rally you could have basically thrown a =
dart at any decent CANSLIM watch list and you would have had your answer =
as to weather CANSLIM was dead or not.Just my opinion.
Dave
=20
=20
I don't follow declarations that CANSLIM is 'dead.' I don't believe =
that WON has ever written/said that CANSLIM will work in all market =
seasons. Indeed, he is rather specific concerning the futility of =
trying to win from CANSLIM in bear markets. Apparently, some try to =
find bull-type breakouts, fall prey to bear market dynamics, and then =
have the audacity to declare that CANSLIM is dead.
=20
No single investment or trading discipline works in every market =
dynamic. Sometimes the market dynamics reward one style and punish =
another. The disciplined investor or trader recognizes what he/she is =
trying to accomplish, what the market & world conditions are, and =
applies the best disciplined approach she/he can. If one is applying =
only CANSLIM disciplines, then one would be out of a bear market, =
researching and waiting for the return of a validated bull market. =
That's what I remember from WON, anyway.
=20
Chuck Layne
=20
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<DIV><FONT face=3DArial>CANSLIM originally was a small to mid cap =
system, with=20
heavy emphasis on earnings growth. Over the past 5-7 years, WON modified =
it to=20
include large caps, even ones with strong sales growth but not yet =
profitable. I=20
didn't shift with that change, so guess I am in that regard just old=20
fashioned.</FONT></DIV>
<DIV><FONT face=3DArial></FONT> </DIV>
<DIV><FONT face=3DArial>I also look well below the $12-15 minimum price, =
as low as=20
even under a dollar, altho that is extremely risky these days, as they =
will=20
likely be delisted from Nasdaq if they don't get over $1.00. I also look =
at very=20
small companies, some with market caps as small as $20-30 million. I do =
not=20
exclude stocks based on liquidity, my minimum for screening is 1,000 =
shares=20
daily. I also don't look at high priced stocks, but have modified that =
in past=20
months. Before I only looked up to $20/share, I have raised that limit =
to $24=20
and occasionally look even higher. I am only focused on tech stocks, =
both=20
because I can understand them better, and because I believe they offer =
the best=20
chance of earnings growth greater than market trends. </FONT></DIV>
<DIV><FONT face=3DArial></FONT> </DIV>
<DIV><FONT face=3DArial>For years, I have bought prior to the b/o, =
primarily=20
because I did not have time to watch stocks during the day. That is not =
new for=20
me, but certainly a violation of CANSLIM rules. I set my mental or hard =
stop=20
loss below the bottom of the basing formation (flat line, handle, etc.) =
even if=20
that means more than an 8% loss. I don't sell at a 20% gain (which is =
only a=20
CANSLIM beginners rule anyway), rather using the charts, trends, my =
knowledge=20
and experience, and my personal rules of thumb to set upside sell =
targets. I=20
also set my EPS ranking at 50 or so, and pay more attention to whether =
the trend=20
of earnings growth suggests it will soon (within a year) be ranked over=20
80.</FONT></DIV>
<DIV><FONT face=3DArial></FONT> </DIV>
<DIV><FONT face=3DArial>Until some months ago, I only looked at stocks =
breaking=20
new highs. To this end, I kept my RS screening criteria quite high, =
normally=20
needing 90 or better. I started using lists of stocks moving over their =
200 dma,=20
so have also given the RS ranking more liberal criteria, putting more =
attention=20
in these cases on the chart formation and fundamentals.</FONT></DIV>
<DIV><FONT face=3DArial></FONT> </DIV>
<DIV><FONT face=3DArial>I am sure there are a lot more adjustments I =
have made=20
than I am thinking of at the moment, some I probably do as much from =
instinct=20
and experience as from conscious mental practice, but this will give you =
some=20
"flavor" anyway. My lack of time has cost me mostly in the area of due=20
diligence, which used to be very rigorous. Nowadays, it is often pretty=20
superficial, but this is not by choice, purely due lack of =
time.</FONT></DIV>
<DIV> </DIV>
<DIV style=3D"FONT: 10pt arial">----- Original Message -----=20
<DIV style=3D"BACKGROUND: #e4e4e4; font-color: black"><B>From:</B> <A=20
title=3Dsderks@gmx.net href=3D"mailto:sderks@gmx.net">S=E9bastien =
Derks</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> Wednesday, March 19, 2003 8:37 AM</DIV>
<DIV><B>Subject:</B> RE: [CANSLIM] CANSLIM Hunting List =
3/17/03</DIV></DIV>
<DIV><BR></DIV>
<DIV class=3DSection1>
<P class=3DMsoNormal><FONT face=3DArial color=3Dnavy size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: Arial">What rules =
have you=20
modified of CANSLIM in this bear market?<o:p></o:p></SPAN></FONT></P>
<P class=3DMsoNormal><FONT face=3DArial color=3Dnavy size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; COLOR: navy; FONT-FAMILY: =
Arial"><o:p> </o:p></SPAN></FONT></P>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 35.4pt"><FONT face=3DTahoma =
size=3D2><SPAN=20
lang=3DEN-US=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: Tahoma; mso-ansi-language: =
EN-US">-----Original=20
Message-----<BR><B><SPAN style=3D"FONT-WEIGHT: bold">From:</SPAN></B> <A =
href=3D"mailto:owner-canslim@lists.xmission.com">owner-canslim@lists.xmis=
sion.com</A>=20
[mailto:owner-canslim@lists.xmission.com] <B><SPAN style=3D"FONT-WEIGHT: =
bold">On=20
Behalf Of </SPAN></B>Tom Worley<BR><B><SPAN=20
style=3D"FONT-WEIGHT: bold">Sent:</SPAN></B> woensdag 19 maart 2003=20
14:05<BR><B><SPAN style=3D"FONT-WEIGHT: bold">To:</SPAN></B> <A=20
href=3D"mailto:canslim@lists.xmission.com">canslim@lists.xmission.com</A>=
<BR><B><SPAN=20
style=3D"FONT-WEIGHT: bold">Subject:</SPAN></B> Re: [CANSLIM] CANSLIM =
Hunting List=20
3/17/03</SPAN></FONT></P>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 35.4pt"><FONT face=3D"Times =
New Roman"=20
size=3D3><SPAN style=3D"FONT-SIZE: =
12pt"><o:p> </o:p></SPAN></FONT></P>
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 35.4pt"><FONT face=3DArial =
size=3D3><SPAN=20
style=3D"FONT-SIZE: 12pt; FONT-FAMILY: Arial">Chuck, essentially I =
agree. However,=20
that said, CANSLIM is designed to reduce risk and increase probability =
of making=20
money for the majority. It works best in a bull market trend, but it =
still works=20
(albeit with more risk, more work and substantially heightened =
frequency of=20
failure) for the long term investor even in a continuing bear market =
such as we=20
have had. Pure CANSLIM won't do this, sticking strictly to the =
conservative=20
rules designed to enhance probability of success for the majority of =
investors=20
with limited investing or CANSLIM experience dictates being out of the =
market=20
during a bear trend.</SPAN></FONT><o:p></o:p></P></DIV>
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 35.4pt"><FONT face=3D"Times =
New Roman"=20
size=3D3><SPAN style=3D"FONT-SIZE: =
12pt"> <o:p></o:p></SPAN></FONT></P></DIV>
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 35.4pt"><FONT face=3DArial =
size=3D3><SPAN=20
style=3D"FONT-SIZE: 12pt; FONT-FAMILY: Arial">For most CANSLIMers, it =
has been a=20
period of cash and hibernation the past several years, and maybe for =
some years=20
yet to come. Some investors needing / wanting to be in the markets will =
have to=20
change style and strategy, converting from investing to day or short =
term=20
trading. Some will "reinvent" CANSLIM, and use it as a gauge in order to =
trade=20
the short side of the markets. Some, like myself, will stay on the long =
side,=20
but modify the rules of CANSLIM, take more risk, and obtain less return =
even=20
with more work.</SPAN></FONT><o:p></o:p></P></DIV>
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 35.4pt"><FONT face=3D"Times =
New Roman"=20
size=3D3><SPAN style=3D"FONT-SIZE: =
12pt"> <o:p></o:p></SPAN></FONT></P></DIV>
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 35.4pt"><FONT face=3DArial =
size=3D3><SPAN=20
style=3D"FONT-SIZE: 12pt; FONT-FAMILY: Arial">Bottom line, CANSLIM is =
not dead by=20
any means, not in this bear market, not in any past bears, and not =
likely for=20
future bears as well.</SPAN></FONT><o:p></o:p></P></DIV>
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 35.4pt"><FONT face=3D"Times =
New Roman"=20
size=3D3><SPAN style=3D"FONT-SIZE: =
12pt"> <o:p></o:p></SPAN></FONT></P></DIV>
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 35.4pt"><FONT face=3DArial =
size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: Arial">----- Original Message =
- -----=20
<o:p></o:p></SPAN></FONT></P>
<DIV style=3D"font-color: black">
<P class=3DMsoNormal style=3D"BACKGROUND: #e4e4e4; MARGIN-LEFT: =
35.4pt"><B><FONT=20
face=3DArial size=3D2><SPAN=20
style=3D"FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: =
Arial">From:</SPAN></FONT></B><FONT=20
face=3DArial size=3D2><SPAN style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Arial"> <A=20
title=3Dlelayne@earthlink.net =
href=3D"mailto:lelayne@earthlink.net">Charles &=20
Lois Layne</A> <o:p></o:p></SPAN></FONT></P></DIV>
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 35.4pt"><B><FONT face=3DArial =
size=3D2><SPAN=20
style=3D"FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: =
Arial">To:</SPAN></FONT></B><FONT=20
face=3DArial size=3D2><SPAN style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Arial"> <A=20
title=3Dcanslim@lists.xmission.com=20
href=3D"mailto:canslim@lists.xmission.com">canslim@lists.xmission.com</A>=
=20
<o:p></o:p></SPAN></FONT></P></DIV>
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 35.4pt"><B><FONT face=3DArial =
size=3D2><SPAN=20
style=3D"FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: =
Arial">Sent:</SPAN></FONT></B><FONT=20
face=3DArial size=3D2><SPAN style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Arial"> Wednesday,=20
March 19, 2003 7:18 AM<o:p></o:p></SPAN></FONT></P></DIV>
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 35.4pt"><B><FONT face=3DArial =
size=3D2><SPAN=20
style=3D"FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: =
Arial">Subject:</SPAN></FONT></B><FONT=20
face=3DArial size=3D2><SPAN style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Arial"> Re:=20
[CANSLIM] CANSLIM Hunting List =
3/17/03<o:p></o:p></SPAN></FONT></P></DIV></DIV>
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 35.4pt"><FONT face=3D"Times =
New Roman"=20
size=3D3><SPAN style=3D"FONT-SIZE: =
12pt"><o:p> </o:p></SPAN></FONT></P></DIV>
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 35.4pt"><FONT face=3D"Times =
New Roman"=20
size=3D3><SPAN style=3D"FONT-SIZE: =
12pt"> <o:p></o:p></SPAN></FONT></P></DIV>
<BLOCKQUOTE=20
style=3D"BORDER-RIGHT: medium none; PADDING-RIGHT: 0cm; BORDER-TOP: =
medium none; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0cm; MARGIN: 5pt 0cm 5pt =
3.75pt; BORDER-LEFT: black 1.5pt solid; PADDING-TOP: 0cm; BORDER-BOTTOM: =
medium none">
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 35.4pt"><FONT face=3DArial =
size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: Arial">----- Original Message =
- -----=20
<o:p></o:p></SPAN></FONT></P></DIV>
<DIV style=3D"font-color: black">
<P class=3DMsoNormal style=3D"BACKGROUND: #e4e4e4; MARGIN-LEFT: =
35.4pt"><B><FONT=20
face=3DArial size=3D2><SPAN=20
style=3D"FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: =
Arial">From:</SPAN></FONT></B><FONT=20
face=3DArial size=3D2><SPAN style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Arial"> <A=20
title=3Ddlawson92@comcast.net =
href=3D"mailto:dlawson92@comcast.net">dlawson</A>=20
<o:p></o:p></SPAN></FONT></P></DIV>
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 35.4pt"><FONT face=3D"Times =
New Roman"=20
size=3D3><SPAN style=3D"FONT-SIZE: =
12pt"><o:p> </o:p></SPAN></FONT></P></DIV>
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 35.4pt"><FONT face=3DArial =
size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: Arial">Speaking of CANSLIM =
hunting lists=20
and the death of CANSLIM. Won never said that a B.O.(breakout) was =
ever a=20
gaurantied bull market rally. He said that a major bull market rally =
never=20
occurred without a B.O.! As for picking a stock, as of this rally you =
could=20
have basically thrown a dart at any decent CANSLIM watch list and you =
would=20
have had your answer as to weather CANSLIM was dead or not.Just my=20
opinion.</SPAN></FONT><o:p></o:p></P></DIV>
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 35.4pt"><FONT face=3DArial =
size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: =
Arial">Dave</SPAN></FONT><o:p></o:p></P></DIV>
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 35.4pt"><FONT face=3D"Times =
New Roman"=20
size=3D3><SPAN=20
style=3D"FONT-SIZE: =
12pt"> <o:p></o:p></SPAN></FONT></P></DIV></BLOCKQUOTE>
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 35.4pt"><FONT face=3D"Times =
New Roman"=20
size=3D3><SPAN style=3D"FONT-SIZE: =
12pt"> <o:p></o:p></SPAN></FONT></P></DIV>
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 35.4pt"><FONT face=3DArial =
size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: Arial">I don't follow =
declarations that=20
CANSLIM is 'dead.' I don't believe that WON has ever written/said =
that=20
CANSLIM will work in all market seasons. Indeed, he is rather =
specific=20
concerning the futility of trying to win from CANSLIM in bear =
markets. =20
Apparently, some try to find bull-type breakouts, fall prey to bear =
market=20
dynamics, and then have the audacity to declare that CANSLIM is=20
dead.</SPAN></FONT><o:p></o:p></P></DIV>
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 35.4pt"><FONT face=3D"Times =
New Roman"=20
size=3D3><SPAN style=3D"FONT-SIZE: =
12pt"> <o:p></o:p></SPAN></FONT></P></DIV>
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 35.4pt"><FONT face=3DArial =
size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: Arial">No single investment or=20
trading discipline works in every market dynamic. Sometimes =
the=20
market dynamics reward one style and punish another. The =
disciplined=20
investor or trader recognizes what he/she is trying to accomplish, what =
the=20
market & world conditions are, and applies the best disciplined=20
approach she/he can. If one is applying only CANSLIM =
disciplines,=20
then one would be out of a bear market, researching and waiting for the =
return=20
of a validated bull market. That's what I remember from WON,=20
anyway.</SPAN></FONT><o:p></o:p></P></DIV>
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 35.4pt"><FONT face=3D"Times =
New Roman"=20
size=3D3><SPAN style=3D"FONT-SIZE: =
12pt"> <o:p></o:p></SPAN></FONT></P></DIV>
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 35.4pt"><FONT face=3DArial =
size=3D2><SPAN=20
style=3D"FONT-SIZE: 10pt; FONT-FAMILY: Arial">Chuck=20
Layne</SPAN></FONT><o:p></o:p></P></DIV>
<DIV>
<P class=3DMsoNormal style=3D"MARGIN-LEFT: 35.4pt"><FONT face=3D"Times =
New Roman"=20
size=3D3><SPAN=20
style=3D"FONT-SIZE: =
12pt"> <o:p></o:p></SPAN></FONT></P></DIV></DIV></BODY></HTML>
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