Timing the Trade the Wyckoff Way Message Board

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Strategies & Market Trends : Timing the Trade the Wyckoff Way

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To: coferspeculator who wrote (114)	6/8/2004 9:23:54 AM
From: coferspeculator	Read Replies (1) of 14340

Watch List Stocks-Activity for June 7 This is one of several stocks mentioned on Todays Watch List NSC-Today NSC jumped a major creek with increased spread on high volume, closing near the highs of the day. NSC has had a number of positive actions over the past weeks and months. After a potential SOS in mid-April, it backed up to the midpoint on lower volume, signaling a LPS which has resulted in a potential jumping of a major creek. There is a major base that traces back to the spring and summer of '02. The first phase of this base offers targets in the $28 area. Recent volume and price action indicates that there is a strong likelihood that this target will be achieved. A much higher target is offered (over $40) if the entire base is considered. The recent first phase target off the last LPS offers a $28 to $31 target. Additional phases indicate much higher targets. There are several higher targets that can be projected but taking positions on the likelihood that they can be achieved should be delayed. Taking a new position in this one should be considered on the backup as long as the action warrants it. This would offer a 10% target. In a situation like this considering a short term and intermediate/long term speculation might be worth consideration. By taking two positions, should the intermediate/long term speculation fail, the profits taken on the short term speculation, should it be successful, would provide at least a break even result. The potential profit should the intermediate/long term speculation work would be excellent. There are three good reasons for considering an intermediate/long term speculation. First, NSC has passed all the buying tests. Second, there is a large potential. Finally, if the market breaks to the upside of the current trading range, it is possible that a stock like this could well appreciate 40%-50% from it's current position. The character of the action in the coming days and weeks will be important and should be watched carefully if a possible speculation in NSC is being considered.

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