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Non-Tech : FASTENAL: FAST
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To: Adelantado who wrote (2)11/1/1998 12:07:00 PM
From: Bwe  Read Replies (1) of 20
 
Joe,

Looks like my post market THE bottom in the stock. I'm glad for shareholders who've stuck with the stock. With p&f, the 20% off of the bottom is often sacrificed while the evidence gathers that demand is shown to be clearly in charge of a stock. FAST is now beginning to put in place the building blocks for a sustained up move. The move that has taken place in the stock is still considered a trading move to p&fer's, and those who bought on instinct or another system, or just a belief that the shares had gotten too cheap, have been well rewarded. I'll take the middle 60% over a 1 - 2 year time frame and leave the top 20% and the bottom 20% to those smarter or better stock timers than me.

Fastenal is looking to reverse up on it's relative strength chart when the official calculation is done on Tuesday evening. This would be the first time the stock has shown to be outperforming the Dow since 8/97. FAST reversed down on it's RS chart in December of '97 and if you'd have sold that signal alone you would be ahead of the game. Anyway, RS reversals into an up column are bullish.

FAST ran into a Bullish Resistance Line (brl) prior to turning around briefly and the brl is now at $41. The key downtrend line, the Bearish Resistance Line (BRL) from the 4/98 $56 high is at $43. That is a most critical juncture for the stock. Support on the downside is at $30 and then at $24.

A move to $38 would give another confirming buy signal and $32 would be a sell signal.

Best of luck to all as Fastenal's long term trend hopefully changes from bearish to bullish.

Take care,
Bruce
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