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Strategies & Market Trends : Stock Attack II - A Complete Analysis
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To: Paul Shread who wrote (8151)5/30/2001 9:40:12 AM
From: isopatch  Read Replies (2) of 52237
 
Paul. One of the keys to reading the tape on

any position is how it responds to news.

As long as it rallies strongly before and on positive news you're seeing reaffirmation of the primary uptrend. LOILY has repeatedly done this in recent months. Their important oil discovery, confirmed by prolific new wells, in the largely undeveloped but major prospective basin in the Sudan puts this still small, relatively undervalued stock in a position for very large further %age gains over the LT.

Paul, I've had 3 hat tricks in the oil patch since early 1999. So this isn't an unknown situation for me.

Prudent strategy is to let profits run or even buy the dips on the way up. As I said it's my largest portfolio position and has been for some time.

On gold, as Terry and Don have correctly pointed out, there's good support at $270.

BUT, I'd aver we ought to allow for the possibility - in a thin market like gold - that it's always quite possible to see a run of the sell stops(g). That would easily take us to my 2ndary low of 265 on a quick cleanout before reversing to the upside for the next phase of the cyclical bull market in the precious metals.

Hope your move went well.

Regards,

Isopatch
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