[CANSLIM] Distribution Day

From: "Edward W. Gjertsen II" <ed@macktracks.com>
Subject: [CANSLIM] Distribution Day
Date: Fri, 6 Jun 2003 16:56:00 -0500

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We briefly touched 20%+ return for the year early this morning.  Given
today's action, it may be awhile before we see that number again.  While
the weekly charts will look like an accumulation week, today's action
was very poor.  Our view is as Microsoft goes, so goes the market.
Because Microsoft is such a major element in all market indices (DJIA,
SPX, NASDAQ), its performance has a profound effect.  It just completed
what we think is a reverse cup-and-handle - pretty bearish pattern.  It
rallied to its 50DMA this morning then collapsed.  

We were up 2.5% earlier in the day and wound up losing 0.18%.  We joked
in the morning to "liquidate" the portfolio and walk with the gain, I
hate humor.  Be very guarded over the next couple of days.  Do not let
the market take you out of strong positions.  Each of your positions
should stand on their own.  We may see some bases forming in here which
will present opportunities for purchasing 2nd or 3rd stage bases.

I hope you all have a great weekend.  Over the next couple of days, say
"Hi" to Tom in your own way.  He would have enjoyed this move.  I miss
his humor, insights and VR Fund.

Take care all.

Ed Gjertsen II
ed@macktracks.com
 
 
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