Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: shades who wrote (65300)	6/21/2005 8:49:30 PM
From: Slagle	Read Replies (1) of 74559

Shades Re: "GOOG" Phil is right, GOOG really did break out back in April. I should have caught it. But heck, why didn't HE catch it back it April? He never posted it on his "buy" lists. I don't think Phil's method really works with the type of stocks he recommends. All the cup and handles and bases and the rest of the TA methodology works best with smaller cap stocks that are in an uptrend. He tries to use the same system with old tired over-owned large caps while they are really trendless. The problem is that stocks like that are not driven so much by the technicals but by events and news flow. He spots what he thinks is a cup and handle but it is really just an accident. I still love to listen to his show. For stock picks I listen to the shows but mainly I look at lots of charts. And I look for trends. Lately REITs and utilities have been good. Real lately (last three weeks) energy has been hot. And some biotech. If I spot something that I like the looks of I just buy, cautiously. All this BS about being "too far extended from a base" doesn't matter as long as the trend continues. Look at EENC. I started buying several days ago and when it turned down this morning I sold. Then I started buying back again this afternoon. Big profit on the sale, small loss on the late afternoon buy. IF oil goes up again tomorrow I bet it will run right back up. The reason I bought in the first place was a CNBC new item that EENC was buying some gas assets in Colorado. I knew that EENC was a Canadian royalty trust and I didn't need to do any research, I just bought. When it went up more....I bought more. My best trades are always like that. No need for a guru but for entertainment and ideas about market direction. But one big downside; my method requires lots of watching CNBC and Bloomberg. <g> Slagle

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