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

From: Roger Tawa <roger@tawacentral.net>
Subject: RE: [CANSLIM] Any reason why I should not buy APPX?
Date: Thu, 15 May 2003 21:24:40 -0400

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Hi Jans,

I'm still not sure why you say 27.44 is below the BO point.  You seem to
agree that the left hand side of the cup is at 27.75 at the end of January.
So that puts the pivot at 26.20, the intra-day high on May 5th.  yes/no?
Assuming you agree with this pivot, then appx BO on both the daily and
weekly charts.

Your point about waiting for a BO on the weekly is interesting though.
Given that this week is still in the making, how do you handle that?

disclaimer: I bought appx yesterday at 26.99.

=================================================
Roger Tawa
http://tawacentral.net/
[One thing about paradigms: shift happens.]
[When you stop, you're done.]

 -----Original Message-----
From: 	owner-canslim@lists.xmission.com
[mailto:owner-canslim@lists.xmission.com]  On Behalf Of Spencer48@aol.com
Sent:	Thursday, May 15, 2003 5:48 PM
To:	canslim@lists.xmission.com
Subject:	Re: [CANSLIM] Any reason why I should not buy APPX?

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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