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Strategies & Market Trends : Point and Figure Charting
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To: Craig Monroe who wrote (206)1/29/1998 11:33:00 PM
From: Ms. X  Read Replies (1) of 34811
 
Hi Craig,
I sent this to someone earlier, via email. Convenient you should ask about Cisco since I had the whole thing writen up!

I always look at the sector first. 85% of a stocks movement is generated by the sector. 25% has to do with the stock itself.

Right now the sector seems to have bottomed at the 32% and currently improving to 36%. 38% would be a reversal up and would indicate a rally in this sector. While the sector has been improving, so has Cisco.

Cisco is trading above its bullish support line which means really just what it says, bullish. We watch closely for violations of this line to indicate how much selling pressure is in the stock. Cisco would have to fall to 53 to violate this support line.

I wouldn't initiate new positions here. It may still go up but chances are it will retrace.

What do I think will happen? I think the stock will move to 67 pre earnings provided the market stays steady. The stock has enough momentum to push it to 73 but probably not before a pullback. I would buy the stock on any pullback especially if the sector reverses up.

If the stock reaches my predicted 67 I would like to see it pullback to 62/63 before adding positions. If it stays here at 64 I would like to see it pullback to 60.

The first stop (if a trader) would be 51. I don't see that happening unless something major happens with the market and the sector. Daily, weekly and monthly momentums are positive.

Have a great day!

Jan
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