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Strategies & Market Trends : Pitbull Investing Strategies

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To: Doo who wrote (90)	5/20/1997 10:11:00 AM
From: John Langston	of 789

Jeffry: I understand why you study the charts. I do the same thing. But, remember that looking for cup-and-handle formations and judging the extension of the stock price is not a part of the basic Pitbull strategy. The system is supposed to work adequately for someone who does not have access to a charting service. Also, over-extension is not a consideration if one follows the system as described in the booklet. I personally use a couple of Ian Woodward's ideas as an add-on methodology. Ian warns against buying stocks showing a 4th stage breakout from a significant base. They tend to fail. Also, if one wants to add another taste of conservatism, never buy a stock whose price is over 50% above the 200-day moving average, or 15% above the 50-day moving average. I use these as added filters even though I don't always use the info that they give me. I do particularly try to stay away from 4th stage breakouts. Obviously buying a Pitbull candidate that is within 5% of the recent 52-week high is preferable from a CANSLIM point of view. But, for my testing purposes, I have been ignoring this tenet. It isn't part of Pitbull, so I ignore it so that I can test Ford's system properly. Thanks. . .John

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