HERE'S LAST WEEKS NEWSLETTER TO THE TROOPS...
I WISH ALL OF YOU THE BEST OF LUCK...SOME POFIT TAKING IS DUE HERE..LET'S SEE WHERE WE PULLBACK TO AND REVERSE UP FROM..DO NOT PANIC...STAY THE COURSE...AND FORGET ALL THE PUNDITS AND THE NOISE..
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JERRY OLSON'S
"POINT" OF VIEW NEWSLETTER
DATED NOV 17TH 2002
" POTENTIAL BULLISH BREAKOUT PATTERNS HERE"
Hello my friends and trading buddies...OK this is very very important news...I mean of an urgency not seen this century...I had a Krispy Kreme Donut here in Philly<G> Man that was good<VBG> and get this..on Sat night after dinner out with friends in the pouring rain, there were lines around the BLOCK???? I was shocked..they even have a drive in area..backed up a mile...I was stunned!!!! hahahahahahaha..No more Tasty Kakes for me...hehehehehehe...
Well everyone, I can say this without any boasting or ego tripping, we had the best week trading these markets primarily on the long side..it was simply put, awesome...all of my longs I am still holding..and the calls in the room, hey what can I say...Did anyone see BRCM??? oh wow what a pop from 13.15...sensational...and QCOM from 36.30 ya gotta love it huh<G>?..we had IMCL called by Aristotle at 9.50 it ran to 13++++ then he called it short..man that was terrific...all in all i am sitting in the longest position trades I've had since the Sept lows of last year...
I have solid stop gains in almost everyone except DELL..what me worry about DELL?...I'll hold it for now..I love the LOOK of the Daily Candle Charts(DCC) and the P&F charts too on each and every INDEX...if a couple of things happen here we are going to explode to the upside...Shorts will be forced to cover big and buyers will be diving in here hard...
I ask you to check all the Daily charts...look at that formation. what you're seeing is a rally up into the top area of the August top again, but this time off a solid pullback from the week before..They all came down to test that 870 SPX area remember? then we rallied up hard to right here on Fridays close as expected... But..and here's the BIG BUTT<G> we now have a CUP WITH HANDLE LOOK HERE on top of that fabulous INVERTED HEAD AN SHOULDERS PATTERN...Hey you do not stand in front of this train folks...if we break, then get on board..and HOLD..try to get to BREAKEVEN FIRST on your stops..and then let em' run...I have...
Last week I wrote to you about a Shake and Bake coming...Well that's exactly what happened..we saw the indexes break double bottoms(DB) and then promptly break double tops(DT), that's the shakeout of weak hands I told you about...they are long gone folks..we are still here...Look nothing in this trading world is a given...but I always say WHAT IS....IS... every single P*F indicator I follow is on a buy signal and moving UP..not down...yes I was cautious..so what..we made a days pay everyday.....NOW? I am holding till I get taken out with the use of stops...I am home risk free..I do not need to guess anymore as to where a stock will run up to...If they roll it over and down then I'll be taken out with a solid profit...No muss no fuss...
There's a solid wall of worry out there on the street.. a lot of analysts are on the wrong side of this move as are the GURU's we know and love...while I'm not saying I'm 100% right..the charts do not lie...Look we could touch that top again and selloff hard..it's always possible..in fact anything is possible here..we do know that SELLERS were present at these resistance(R) numbers before..But I think we break out to the disbelief of the entire street...
Remember this too, we have solid seasonality here on our side...I have ranted and raved about how bad the semis are going to do this Q...then BRCM says we are seeing a "MUCH IMPROVED" business for Oct & Nov... But AMAT--INTC--KLIC equipment makers are still DOA so far...things DO change however...so let's keep an opened mind...
OK LET'S CHECK THE INDEXES AND THE BULLISH PERCENTS ON SELECTED SECTORS...
DJIA---THIS INDEX GAVE A BUY SIGNAL ON FRIDAY AFTER BREAKING 8550, FROM THAT SHAKEOUT BREAKDOWN AT 8300..THAT REVERSAL BACK UP WAS BULLISH FOR SURE...THE NEXT TARGET IS AT 8800..AND OF COURSE A BREAK "NOW" OF 8250 WOULD BE A BIG NEGATIVE...WE HAVE EXCELLENT SUPPORT(S) AT THE BSL LINE, THAT'S THE BULLISH SUPPORT LINE AT 8150/8200 AND IT'S THE MIDDLE OF THE 10 WEEK TRADING BAND TOO...SO NICE THERE...
NAZ/COMPX---THIS INDEX REVERSED BACK UP OFF THAT BIG PULLBACK AT 1320..WE ARE NOW SITTING ABOUT 10 POINTS AWAY FROM THE AUGUST TOP AGAIN...HELLO?...THIS WOULD BE A SERIOUS BREAKOUT AREA. AND THE NEXT UPSIDE TARGET WOULD BE THE 200 EMA ON THE DAILY CANDLE CHART(DCC) AT 1485/90...WATCH OUT FOR A 3 BOX REVERSAL BACK DOWN AT 1380..NOT A BIG DEAL BUT BE ALERT FOR IT..
SPZ2--ES02Z..THE SPOOOS/FUTURES...INPORTANT TO NOTE WE BROKE A DB AT 870 THEN EXPLODED STRAIGHT UP TO 908 HERE AS OF FRIDAY..MAN THAT WAS A STRONG REVERSAL BACK UP...THAT WASN'T THE LOCALS BUYING THAT MOVE..NOW WE HAVE THAT HARD R AREA AT 1425. IF WE BREAK THAT WE WILL THEN GO UP TO TEST THE AUG TOP AT 965...THIS WOULD BE A BIG MOVE OFF THAT 870 LOW...LIKE 100 POINTS...THE DCC IS TERRIFIC LOOKING HERE CHECK IT OUT..WHAT I LIKE ABOUT IT WAS WE PULLED RIGHT DOWN TO THE RISING 20 & 40 EMA'S AND THEN BUYERS STEPPED UP TO THE PLATE IN A BIG WAY...
SOX---THIS INDEX IS MAKING PROGRESS HERE...ON WORSENING FUNDAMENTALS...UNLESS WE'RE GOING TO GET SOME "BETTER" NEWS LYING JUST AHEAD?..THE CHARTS AND AGGRESSIVE BUYING IN THIS SECTOR SURE IS SAYING THAT HUH?...330 IS THE DT BUY SIGNAL..HEAVY R AT 340 THE BRL LINE...WE'LL PROBABLY PULLBACK OFF THAT TOUCH SAY 335/340ISH...THE SEMI BULLISH PERCENT IS AT 55% HISTORICALLY IT TOPS OUT AT 76% SO THERE'S MORE ROOM TO GO HERE...
BTK---STRUGGLING HERE FOLKS..AND I DON'T KNOW WHY?...THE INDEX NEEDS 360 TO GET IT MOVING SHORT TERM THEN 375 WOULD BE A SOLID BREAKOUT..THE ODDS FAVOR THAT MOVE...335 IS A DB BREAKDOWN AND A BIG NO NO...THE BPBIOM IS ON A BUY SIGNAL AT 36% AND HAS PLENTY OF ROOM FOR AN UPSIDE MOVE...
NDX---LOOKS LIKE A POTENTIAL EXPLOSION WAITING TO HAPPEN..MARKETS WILLING OF COURSE<G>...THERE IS O/H(OVERHEAD) R AT 1060/70..BUT 1080 IS A SIGNIFICANT BREAKOUT AREA ON P&F...THE SHORTS WILL DIVE FOR COVER AND THE BULLS WILL COME MARCHING IN IF THAT HAPPENS...NOW CHECK THIS OUT..A PRINT OF 970 NEGATES THAT WHOLE BALL OF WAX..IT'S DEADLY..WE COULD HAVE A 3 BOX REVERSAL BACK DOWN AT 1030 AND STILL BE OK...SET ALERTS AND BE READY FOR FREDDY...BPNDX IS AT HIGH LEVELS HERE 68% BUT COULD STILL MOVE HIGHER..80% IS A TOP OUT AREA..THE NDX GAVE A RS BUY SIGNAL VS THE SPX...FROM VERY LOW LEVELS..LAST WEEK...
BKX---I LIKE THE LOOK OF THE BANKING INDEX HERE..HELD A SOLID DB AT 730, AND THEN LAST WEEK BROKE A DT AT 755...IT HAS NICE ROOM TO 795 THE RECENT TOP...SHOULD HELP THE DOW..
SPX---LOOKS STRONG AS WELL..930 IS THE BREAKOUT BUY...965 HEAVY TOP THERE...895 A 3BXRVDOWN...
VIX---GETTING DOWN TO THE LOWS OF THE AUG HIGHS..UNDERSTAND? IT'S INVERSE TO THE MARKETS..DANGEROUS AREA BUT EXCITING...31 IS THE TRIPLE BOTTOM, BUT A PRINT OF 30 WOULD BREAK THAT AND POP THE MARKETS FOR SURE...IT COULD GET DOWN TO 25ISH THE BOTTOM OF THE 10 WEEK...THAT WOULD MAKE IT `100% OVERSOLD..WE'LL BE WATCHING..
VXN---THIS INDEX/INDICATOR BROKE A TRIPLE TOP THE WEEK BEFORE AT 55..AND THEN LAST WEEK BROKE DOWN AT 50/49 THE DIRECT OPPOSITE OF THE SHAKE AND BAKE...IT DID SHAKE AND BAKE THO<G>
BTW--FWIW..I LOOKED AT THE NQ'S DAILY..A BREAK OF 1075 IS A MAJOR MAJOR BREAKOUT...1030 THE 3BXRVDN...STAY ALERT HERE TOO...
OK LET'S DO THE STOCKS WE KNOW AND LOVE TO TRADE...I AM STICKING WITH THE USUAL SUSPECTS SO WE ALL CAN GET "USED" TO THEIR S & R AREAS...FOR TRADING PURPOSES...
QCOM---I AM LONG FROM 36.30 AND HOLDING HERE...LOOKS LIKE 44 IS THE NEXT TARGET...40.50 THE BTL...38.55 THE SST..SOLID DEVELOPING CHART...
BRCM---3RD CONSECUTIVE BUY SIGNAL OFF THE BOTTOM AND MADE NICE NICE LAST WEEK ON THAT UPGRADE ON BIZ...BROKE A PENNANT FORMATION ON THE DCC LAST WEEK...16 THE BTL...14.65 THE SST..
CCMP---ONE FABULOUS SHAKEOUT PATTERN FOLKS ON P&F...IT'S A CLASSIC TEXT BOOK TRADE HERE..WHAT HAPPENS IS THIS, YOU BREAK A DB AND THEN REVERSE BACK UP IMMEDIATELY 3 BOXES..THATS EXACTLY WHAT HAPPENED TO CCMP...52.10 THE BTL..I'LL TAKE THAT TRADE FOR A SWING...50.20 THE SST..
EBAY---AT ANOTHER BREAKOUT AREA AND VERY STRONG...67 THE BTL...64.90 THE SST...
MERQ---THEY DOWNGRADED IT LAST WEEK..NEVER EVEN BLINKED..THIS IS ONE FABULOUS STOCK FOLKS..BTL 30.50 I'LL TAKE THAT TRADE LONG...28.40 THE SST...
AMGN---HOLDING THE BSL SO FAR IN A WEAK SECTOR...THAT'S POSITIVE..NEEDS TO BREAK OUT SOON...48.65 THE BTL...IN A GOOD MARKET MIGHT GET TO 52 THE TRIPLE TOP AGAIN...46.45 IS THE SST...
CYMI---VERY NICE SEMIS HERE, VERY NICE..BROKE A TRIPLE TOP THEN A DOUBLE TOP THEN ANOTHER DT AND LOOKS SOLID ON THE DCC AND WEEKLY...34 THE BTL...32.40 THE SST..
NXTL---ONE FABULOUS CHART PATTERN ON P&F, STAIR STEPPING TO THE STARS...SWEET..I AM LONG HERE AND HOLDING...14 THE SUPER DUPER BTL...12.60 THE SST...
QLGC---I'LL BE LONG THIS ONE FOR SURE..THE CHART IS SETTING UP NICELY HERE...41.40 THE BTL AND A 3BXRVUP...1ST TARGET IS AT 44...39.60 THE SST..
EXPE---ONE POWERFUL CHART..HAD A SOLID PULLBACK BUT IS RALLYING UP AGAIN..I STILL SAY IT WILL BE 100 BY JAN REPORTING PERIOD...75.25 THE BTL...IF IT BREAKS OUT AT 77 HOLD IT ALL THE WAY...73.15 THE SST...
KLAC---LOOKS LIKE IT WANTS TO BREAK OUT DESPITE THE WARNINGS??? MAKES YA WONDER HUH???...39 THE BTL...37.20 THE SST...40 MAKES A DT BUY SIGNAL YOU WOULD STAY LONG...
ADBE---THIS STOCK MAYBE MOVING SLOWLY BUT IT'S STEADY AND SOLID...JUST BROKE THE BRL TOO..IN A BULLISH CATAPULT FORMATION...29.75 THE BTL..28 THE SST...
ELX---COMING UP FOR A BREAKOUT HERE...HELD A SOLID PULLBACK AT 16.50..AND IS FLYING ...21.65 THE BTL..IT MUST TAKE OUT 22.25 HARD...WATCH VOLUME HERE...20.10 THE SST...
MO---WE KILLED THIS SHORT LAST WEEK..UNREAL..I WAS IN AT 41.30 AMAZING SHORT PLAY...38.75 THE BTL...40 WOULD REVERSE IT BACK UP...37.20 THE SST...
IBM---THIS CHART LOOKS OK TO ME...81 THE BTL...83 IS R, 84 BREAKS IT OUT...MAYBE BUY IT AND PLACE A STOP IN AT 76.50...78.90 THE SST...
MXIM---AT SOME R HERE AT 38...38.60 THE BTL..MUST TAKE OUT 39 A DT BUY SIGNAL AND YOU STAY LONG...36.35 THE SST...
GNSS---EXCELLENT DEVELOPING CHART HERE EVERYONE..4 SOLID BUY SIGNALS ON P&F...17.65 THE BTL...16.50 THE SST...
INTU---BROKE A DB AT 51 AND HIT THE BSL LINE AT 49..THIS STOCK SHOULD BOUNCE...50.70 THE BTL...52 3BXRVUP...
48.80 THE SST...
MSFT---I AM LONG THIS ONE TOO..A PERFECT TYPE CHART TO TRADE HERE..RALLIES UP ON THAT COURT NEWS TO 57..REVERSES BACK DOWN A PERFECT 3 BOXES AND NOW? READY TO RUMBLE UP HARD..57.50 THE BTL...58 THE DT BUY SIGNAL...55.50 THE SST..
CREE--FABULOUS CHART HERE..KEEPS ROLLING UP AND UP...BROKE THE PIVOT ON THE WEEKLY TOO..SWEET...21.70 THE BTL...20.50 THE SST..
OK EVERYONE...AS WE ALL KNOW EACH WEEK IS ANOTHER EXCITING WEEK IN THE MARKETS..I HOPE YOU'LL ALL DROP BY THE REAL TIME ROOM ON PALTALK..WE ARE NOW UNDER BUSINESS AND FINANCE CATEGORY...AS OF THE END OF THIS COMING WEEK OUR ROOM WILL GO FEE BASED..ALL THE INFO IS ON MY SITE..
WWW.BUYITBUYITSELLITSELLIT.COM...LOTS OF CHOICES...
ALSO I AM SETTING UP AN ONLINE TRADING CLASS FOR THE FIRST WEEK IN DEC...LET ME KNOW IF YOUR INTERESTED IN JOINING UP WITH SOME OTHERS...I TRY TO KEEP IT SMALL LIKE IN 5 OR SO..BUT 1-2- ETC MAKES NO DIFFERENCE...MY SITE TELLS YOU ALL ABOUT THE COURSE...AND IT WILL BE IN A PRIVATE ROOM ON PALTALK...
WARMEST REGARDS
JERRY
Jerry Olson
jerry.olson@verizon.net
www.buyitbuyitsellitsellit.com |
