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Technology Stocks : The New QLogic (ANCR) -- Ignore unavailable to you. Want to Upgrade?

To: PoetTrader who wrote (28926)	11/26/2001 4:05:06 PM
From: Simon	Read Replies (2) \| Respond to of 29386

You don't have to be able to read charts. You look for formations. But you have to be able to understand what a formation means. Look at EMC, there is a small chart on the right hand side. It is a good formation. Last Fall EMC did a triangle formation around 104 on a split adjusted basis of 208. That was high enough and I figured it would drop outof the triangle. I sold and shorted EMC. It dropped and I covered waiting for a recovery formation. It recovered some and I shorted it again until late March. I bot at 25+/- and sold at 45. Shorted again around 45 and covered at 12. PS Never trade options as a buyer. It is almost impossible to win unless you do leaps and understand charts.