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Strategies & Market Trends : Point and Figure Charting

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To: Dave Shares who wrote (23540)	9/4/1999 11:03:00 AM
From: PuddleGlum	Read Replies (1) of 34810

Dave- One does not have to wait until a stock's chart is back in X's to initiate a position. Witness HAL, which hit 50-51 several weeks back, at which time DWA featured it in the Afternoon Call and suggested that 45 would be a good entry point. Well, it's at $45 and in O's (but RS is in X's), so it's a fine entry right here. Just note the sector BP is kinda high. I'm in AMGN, too, as my 2nd largest holding right now. $78 still looks to me like the appropriate stop level, which will leave one of my entry positions at a loss. It would be quite reasonable to see the stock pull back to 81-82, but as you noted the chart looks very strong, and the sector has been going gangbusters. pg

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