Re: [CANSLIM] Any reason why I should not buy APPX?

From: Spencer48@aol.com
Subject: Re: [CANSLIM] Any reason why I should not buy APPX?
Date: Thu, 15 May 2003 17:47:33 EDT

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Mark:

<< What do you mean by "...not broken out yet on a closing basis."?  
 
 What is a "closing basis"?  >>  By "closing basis" I mean that the stock has 
not broken out at its closing price. (Its high price-range yesterday was 
28.54-this would have signaled a BO.  However, it closed at 27.44-below its 
BO point.  Because of this horrible Bear we've been in, and the OB state of 
the current Mkt., I am chary of buying on the BO unless the stock CLOSES 
above its Pivot Point.  

     I also should add that (unless I'm really avid for the stock-as I am for 
APPX) I generally would not buy on the daily charts during the Bear, but wait 
to see if the BO on the weekly retrenches-in order to make sure  that the BO 
is genuine.)

     >>Also, when you say "(it hasn't gone to a new high compared with the 
stock's RSL when APPX formed its left lip)" are you referring to the RSL high 
point just under the $27.75 price point? And if so why is this important? I 
have not read (or at least I don't remember reading) anything in IBD that 
requires this.<<        Yes, the $27.75 Left Lip at the end of Jan. is what 
I'm referring to.  Although I don't have stats on the success of my analysis, 
I believe that comparing how RSL acts at apexes, nadirs, left lips in 
comparison to right lips, and at double bottom troughs is important.  WON 
describes that the RSL is important-I'm just refining his belief that RSL is 
important.  I suppose I'm surmising that if the RSL is weaker on the right 
lip in comparison with the left lip (and both are about equal in price), then 
the RSL is implying that the stock is currently weak-not strong.  (And the 
conclusion is that even if the RSL gains strength on the Handle, I'm less 
likely to cut it some slack because of its poor RSL on the right lip)

jans

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