ATTENTION
HERE IS MY RECENT NEWSLETTER FOR THE TROOPS..
BEST OF LUCK GOING FORWARD TO YOU ALL...
JERRY OLSON'S
"POINT" OF VIEW NEWSLETTER
DATED AUGUST 6Th 2001
Good Morning Everyone, hope this letter finds you and yours in good health and spirits...
Thank you for your response to my e-mails for confirmation of my re-newed system set up...and thanks to all that have renewed again this month...it's greatly appreciated...
So where are we at this moment in time....Actually i like the look of most of the index charts and the futures too...while the "Fall Street Pundits" are doing their thing, i feel there's a healthy dose of skepticism as to the potential coming rally....and I think CSCO will set the near term tone...I actually like the chart of CSCO...they report on Tues of this week...
So let's see where and what the BIG Boys wanna take us small folks<g>...the Caboose Crowd<VBG>...
A couple of things i think we need to discuss here for all subscribers...Please try and brush up on Point and Figure Charting..as you all kow i swear by it as my basic tool of TA...just go to www.dorseywright.com, and take their free trial, go to their P&F University and take that course...let them know at Dorsey Wright that i sent you..Tom is a good friend and mentor of mine...You'll never regret taking the time to learn this TA....it saved my life a long time ago...
Next let's step back and talk about my "Triggers"....as a rule of thumb, you can take any trigger i write about, that you set an alert on as it occurrs "IF" the markets going in the right direction of that triggered stock...Meaning..do not take a short sale trigger if we're in a powerful rally that day..RATHER take a long side trigger and use the trend of that DAY as your friend...why buck the trend?? EVER!!!!!..In this type trading market you need to pre determine what your days thinking is going to be..'ARE YOU SCALPING???, ARE YOU TRYING FOR A SWING TRADE, A POSITION TRADE, AN OPTION TRADE???..YOU MUST have that mind set already in place for the day..and DO NOT CHANGE IT....YOU'LL LOSE MONEY IF YOU DO, BECAUSE OF INDECSION...GOT THAT FOLKS???..INDECSION WILL KILL YOUR PROFITS...
so your either a scalper du jour???..or your in a swing trade with trailing stops...my triggers work folks...believe it...just use your heads when you take one of them, that your WITH THE TREND, NOT FIGHTING IT...and at ALL times use stops...try to get to breakeven on any trade 1st, then see what you want to do...trade with renewed confidence, relaxed and calm...if your too nervous your trading too large amount of stock per trade..cut it in half..or..your trading short money..thats death...or your unsure of your technical knowledge...please use the KISS method watching the real time charts...less is MUCH better, and try as hard as you can to TUNE OUT THE NOISE!!!!..stop listening to other opinions...you have a brain..use it...trust the charts in front of your face..and be skeptical of everyone...
Ok nuff said on that subject..let's review the indexs...
DOW--DJIA....JUST LAST WEEK REVERSED DOWN 3 NICE BOXES TO 10,450...IT'S IN A VERY SOLID LOOKING TRIANGLE AT 10,350 THIS WOULD BE A HIGHER LOW IF IT GETS THERE...10,700 IS THE DOUBLE TOP BUY SIGNAL WITH 10,750 A TOUGH NUT TO CRACK...BUT BREAKABLE NONE THE LESS..
NAZ--COMPX----LOOKS LIKE THE NAZ IS READY TO BREAK THAT DARN TRENDLINE...2150 IS THE BUY SIGNAL..2200 THE BREAKOUT..1950 IS VERY SOLID SUPPPORT..WITH 1900 A TRIPLE BOTTOM BREAKDOWN...
SOX---A VERY NICE BREAK CALLED WELL IN ADVANCE BY YOURS TRULY ON THE SEMIS...WE COULD SEE 700 SOON...580 WOULD BE A NORMAL PULLBACK ON THE CHART...AND A 3 BOX REVERSAL DOWN TO SET UP THE NEXT BEST MOVE UP....
SMH---THIS COULD BE A NICE SOLID WAY TO PLAY THE WHOLE SEMIS SECTOR ON A PULLBACK TOWARD 45/46 AREA...42 IS GREAT SUPPORT 41 WOULD BE THE MAJOR BREAKDOWN AND STOP LOSS AREA...
SPX---AT THE DOUBLE TOP HERE AT 1220..1190 THE 3 BOX MOVE DOWN, NORMAL MOVE DOWN..1230 THE DOUBLE TOP BUY SIGNAL..HEAVY R AT 1240..BUT 1250 IS A GIANT BREAKOUT AREA..
BTK---THIS INDEX IS SETTING UP I THINK FOR A MAJOR BREAKOUT..BROKE A TRIPLE TOP AT 550 BUT HIT THE BRL(BEARISH RESISTANCE LINE) RIGHT HERE...520 IS THE 3 BOX REVERSAL DOWN..WITH 500 SOLID S(SUPPORT)..490 IS VERY BAD...BUT ANY BREAKOUT ABOVE 550 AT 560 WOULD BE A MAJOR BREAKOUT OF THIS INDEX AND WOULD PUT US SOLIDLY INTO THAT SECTOR...
OK LET'S CHECK OUR STOCK CHARTS HERE:.....
CSCO---BREAKS THE BRL ON A PRINT OF 20 AND GIVES A BUY SIGNAL...EPS TOMR AH...GOOD LOOKING CHART..BUY THE PULLBACK TO 18 1/2 AREA...20 3/4 THE BUY TRIGGER...19 1/2 THE SELL SHORT TRIGGER...
IBM---HELD THE RECENT SELLOFF BREAKDOWN AS IT FOUND SUPPORT AT THE BSL(BULLISH SUPPORT LINE) AT 102...REVERSED UP 3 BOXES AND NOW IS TRYING TO BACK AND FILL A BIT...109 1/2 THE BUY TRIGGER LONG...107 1/4 THE SS TRIGGER...
ORCL---RIGHT AT IMPORTANT SUPPORT AT THE BSL LINE...RIGHT AT 18...IT MUST MOVE UP AND OFF THAT DOUBLE BOTTOM...18 3/4 THE BUY TRIGGER...19 1/2 THE 3 BOX REVERSAL BACK UP WITH HEAVY R AT 20, BUT 21 BLOWS THE DOORS OFF THIS STOCK...17 1/4 THE SHORT TRIGGER....ORCL SO FAR HAS A NICE ROUNDED BOTTOM CHART PATTERN ON P&F...
MSFT----IT'S HOLDING SOME SUPPORT AT THE BSL LINE AT 66, 64 WOULD BE A BIG BREAKDOWN THERE...67 3/4 THE SOLID BUY TRIGGER LONG WITH 69 THE REVERSAL BACK UP IN TREND...65 3/4 THE SS TRIGGER..64 A NO NO...
KLAC----LOOKING FOR A PULLBACK IN THE SEMIS THIS WEEK...54ISH IS THE 20 & 40 EMA ON THE DAILY FOR THAT PULLBACK AREA...NOT SURE IT WILL GET THERE THOUGH...59 3/4 THE BUY TRIGGER LONG...61 BIG B/O THERE...57 1/4 THE SHORT SALE TRIGGER..
BRCM---BROKE A TRIPLE TOP AT 46 NICELY..THIS CHART IS DEVELOPING...47 3/4 THE BUY TRIGGER...45 1/4 THE SS TRIGGER...NEEDS A PULLBACK HERE TOWARD 43 ISH....
PDLI---GOOD LOOKING TRIANGLE STARTING TO FORM HERE...BUT AT THE BOTTOM OF THE TRADING BAND...STILL BELOW ALL MVA'S ON THE DAILY CANDLE CHART TOO..A TYPICAL BOTTOM FISH PLAY LONG IF WE RALLY...58 3/4 THE BUY TRIGGER...56 1/4 THE SS...
CHKP---RIGHT AT THE BRL LINE AND SHOULD PULLBACK 3-4 POINTS HERE...IT ALSO HIT OVERHEAD R AT THE 40 EMA DAILY TOO...44 1/2 THE BUY TRIGGER LONG...42 1/4 THE SS TRIGGER..41 ISH WOULD BE A NICE ENTRY POINT THERE..
CIEN---BROKE A DOUBLE TOP AND GAVE A BUY SIGNAL AT 37...ON ALL BOTTOM FISH PLAYS I WOULD WAIT FOR SOME SIGNS OF A BUY SIGNAL AND A PULLBACK OFF THAT FIRST SIGNAL TO INITIATE ANY POSITIONS...RATHER THAN TRYING TO PICK THE BOTTOM...35 3/4 THE BUY TRIGGER LONG...WITH 38 ANOTHER DOUBLE TOP BUY AREA..THAT WOULD BE GOOD...33 1/4 THE SHORT SALE..
HGSI---WHILE THE STREET IS DISHING THE BIO TECHS, I AM STARTING TO SEE SIGNS IN THE CHARTS OF BETTER LOOKING THINGS TO COME...IT'S EARLY YET, BUT I SEE IT...51 3/4 THE BUY TRIGGER...52 IS THE 3 BOX REVERSAL BACK UP IN TREND AND WOULD SET THE 3RD HIGHER LOW..GET THAT????....49 3/4 THE SS TRIGGER...
QLGC--ANOTHER BOTTOM FISH PLAY HERE TRYING TO REGROUP....GAVE A BUY SIGNAL AT 41 AS CALLED ON SI...HOWEVER IT RAN INTO THE 20 EMA ON THE DAILY AS A BACKSIDE BOUNCE...WE'LL NEED TO BE CAUTIOUS HERE...43 1/2 THE BUY TRIGGER...41 THE SELL SHORT TRIGGER..
EBAY---RALLIED HARD ON FRIDAY ON SOME SORT OF SPECULATION...HOWEVER ALL IT DID WAS HIT A DOUBLE TOP HERE AT 65...A LOWER TOP AREA....65 1/4 THE GOOD BUY TRIGGER...63 THE SELL SHORT TRIGGER..
QCOM---BROKE A TRIPLE TOP AT 68 LAST WEEK..REALLY COMING TOGETHER HERE...IT'S ABOVE ALL MVA'S ON THE DAILY CANDLE CHART...67 3/4 THE BUY TRIGGER..69 IS BETTER...65 3/4 THE SS..
BRCD---BROKE OUT NICELY, BUT WILL PULLBACK AS EXPECTED OFF THE TRIPLE TOP...38 THE BUY TRIGGER LONG...35 1/2 THE SS...
MYGN---GOOD PULLBACK OFF THAT NICE RECENT RUN UP...OFF THAT TRIPLE TOP BREAKOUT...45 3/4 THE BUY TRIGGER...43 1/4 THE SS...
SEBL--JUST A DCB(DEAD CAT BOUNCE) SO FAR..NEEDS A LOT OF WORK BACKING AND FILLINF FOR 3-4 WEEKS...AT R ON THE DAILY CANDLE CHART AT THE 20 EMA...37 3/4 THE BUY....35 1/2 THE SHORT SALE TRIGGER..
NVDA---ITS RUN RIGHT INTO HARD R AT THE BRL LINE AT 88....SHOULD PULLBACK THIS WEEK..AND SET UP ANOTHER BIG RUN HIGHER...88 1/2 THE BUY TRIGGER...86 THE SS...
ELNT---EXPOLDED OFF THAT WONDERFUL TRIPLE TOP B/O AT 34...AND IS PULLING BACK HERE...40 3/4 THE BUY TRIGGER...38 1/2 THE SS TRIGGER....34/35 WOULD BE VERY NICE...
ALTR---BANGING UP AGAINST 33 HERE HARD...32 1/2 THE BUY TRIGGER AND IT MUST BREAK THRU 33 TOO...34 IS NICE...30 1/2 THE SS...
TQNT----BROKE OUT NICELY AT 25...AND SHOULD PULLBACK HERE...24 1/2 THE BUY TRIGGER WITH 26 MORE..22 3/4 THE SS TRIGGER..WITH 21/22 A NICE ENTRY POIINT..
OK THATS ABOUT IT..LET'S WATCH WHERE WE PULLBACK TOO SOMETIME THIS WEEK...CSCO IS THE KEY..
PLEASE SET LIVE ALERTS IF YOU CAN ON ALL TRIGGERS..THESE ARE "ACTION POINTS" FOR TRADING PURPOSES...
BEST OF LUCK..
JERRY |
