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Strategies & Market Trends : Flat-Base Breakouts on Heavier than Normal Volume
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To: virgil vancleave who wrote (13)6/9/1998 3:19:00 PM
From: rakitup  Read Replies (1) of 34
 
Thanks. I'll post some more breakouts later today. On your gold
and energy calls, here are my predictions:

Gold will hit 272 before a strong uptrend begins..I've been calling
this to happen by 7/12/98. But, buy silver calls right now because
Buffet is accummulating more according to my sources...look for a
strong up move in silver this July.

Oil, while long term bullish (5 yrs. out) has me bearish, I'm looking
for the low 13's to mid 12's range (buy third or fourth out puts). But
Heating oil for Dec thru March should be strong as we should see an
extra cold winter...buy calls now, slightly out of the money. There
are four contracts you can trade if you want to buy the future, Dec.,
Jan., Feb., and March...April should come off very fast thereafter.

When oil does reverse and build a solid consolidation and uptrend buy
CFK, I'm buying it now because it is cheap. This is a great little
company with good earnings ($6)that provides over 30,000 products to
the oil trade...it's business and earnings or good, but it has been
basing for months due to the industry slowdown. I also like Cliff's
Drilling and Global Marine and Tidewater in this sector, but only when
oil starts back up will they have super upside potential, but all are
profitable now and still growing.

When you view a breakout from a base be sure to check the volume.

Rak up a winner.
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