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Strategies & Market Trends : Ask Vendit Off-Topic Questions -- Ignore unavailable to you. Want to Upgrade?

To: Spreck who wrote (7764)	4/13/2005 7:00:26 PM
From: Walkingshadow	Respond to of 8752

<<They only want to know what the future earnings will be>>> Well, AAPL raised forward guidance, too. What the hell do they want, an order of fries with that too? Makes no sense to me. This market's turning really mean... I wish they'd take out their aggressions in some other way, maybe go home and kick their dogs and yell at the wife and kids or something..... but maybe this means we're getting ready for a bottom sooner rather than later. Re PENN: Even though it is not yet in extreme oversold land, PENN looks like it is running out of steam here. Williams has hooked down, today's candle doesn't look healthy at all, and the stock left the house and drove away without the Bollinger bands a few days ago. 139.142.147.218 There are no clear sell signals yet, but these will likely appear tomorrow. I think there's a good chance PENN is in the "handle" stage of a cup and handle formation, which you can appreciate better on the 1 year chart: 139.142.147.218 Final resistance is at $35, as you can see. Then it's blue sky territory. If I were trading PENN I would take partial profits right here, then set the stop just under today's low. Then, I'd move the stop up every day if possible. If I am correct about the cup and handle, and you get stopped out and PENN starts to sell off to form a pennant on dwindling volume, I would then set a buy limit just above the previous day's high, and drop that down each day as PENN trades down and continues to form a pennant (i.e., the "handle"). That would put you back in the stock at a decent price right at the beginning of a potentially explosive move in a stock that is very strong and gaining in strength. 139.142.147.218 That big professional gap below on huge volume last November is very very comforting for those with long positions, IMHO. Risk/reward profile very good on this one. Very nice chart, nice stock, thanks. T