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Strategies & Market Trends : Charts for Bottom Breakout
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To: Tom Shutters who wrote (3097)3/24/2002 6:31:06 PM
From: Tom Shutters  Read Replies (1) of 3105
 
Ed, I see a big change after running charts on the 55 stocks I follow. The last time I ran charts on the whole group there were more stocks near a top or in an upward move. This time there are more stocks in a downward trend than any other group and very few stocks in an uptrend.

I found seven stocks that match most of the criteria for this board except most have not reached bottoms yet. The seven stocks on my watch list are GE, HD, HWP, LU, MIU, MRK and ORB.

I carried LU into the weekend with a small profit and will be watching this one very closely. The debt rating cut by Moody's bought the shorts an opportunity to do some covering on Friday. It's my personal opinion that the shorts have started covering and that is the reason I held Friday. The new technology news released by Lucent on Friday drove the stock up sharply until Moody's dropped their bomb. The short of it is that the upside potential looks good for the next few days.

I don't own any of the other stocks I listed but will be watching their charts for bottoms. We have followed all these stocks except ORB for some time. I added ORB about four weeks ago when I heard a rumor that they had been selected to help with the BA contract. ORB has been beefing up it's manpower to meet the demands of the contract and I am concerned that the costs may offset any possible profits. I am also concerned that ORB's volume is not high enough.

Good charting to all.

Tom
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