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Strategies & Market Trends : Point and Figure Charting
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To: Tulvio Durand who wrote (18262)4/17/1999 11:08:00 AM
From: Ms. X  Read Replies (1) of 34810
 
Your question is about ATHM which I think can be answered in talking about the movement in all the tech stocks right now. When I say techs I'm including internets as well.

What we may see here is up and down movement. The chart runs up it runs down. This develops patterns to work with. Once you see a pattern or base develop, this gives you insight to a good entry and stop point as well as the general health of the stock. I know it is hard owning these stocks while it is going through the motions but that is part of investing.
In the example of ATHM it broke several bottoms and has reversed up on the chart. Judging by the close price it may reverse down on Monday. If so the important thing to watch is that it makes a higher bottom or creates a base. Once a buy signal is given you can consider a position.
Now, this doesn't always happen. The stock just might be all full of piss and vinegar and take off like a rocket (internets) but I do remember a time when CMGI consolidated and created a nice little buy signal at a good level (two weeks ago) and I didn't buy it!!! Still above that price by 50pts but I'm not bitter dammit....
Ahem
This is a great time to watch these stocks. They may very well be building rocket bases and you need to recognize them.

Editors note: Piss and vinegar are known ingredients of rocket fuel...
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