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Strategies & Market Trends : The 56 Point TA; Charts With an Attitude -- Ignore unavailable to you. Want to Upgrade?

To: Michael L. who wrote (16337)	5/6/1998 3:49:00 AM
From: Doug R	Read Replies (3) \| Respond to of 79384

Michael, I hesitate to provide too narrow a focus on that selection. Compared to the list that I try to watch daily (with not a great amount of success considering RGEN and DIDA), yours is very manageable. I never buy at the open unless the TA is screaming buy AND the overall tone of the market is supportive. Also, I closed out my first losing trade of the year with ARTT and as O'Neil points out, when a method that works doesn't cut it, there may be something bigger than that method working against it. I had a mental stop on ARTT at 14 1/16. 3 trades at that price was enough for me so I sold. I began moving long term money into MTON and I remain in ELGT based on how the long term chart there is obviously pointing to significant short term potential. I have a reserve with which I plan to both add to MTON and stalk CPQ again. As far as jumping on any opportunistic trades, volume is the trigger. I'll be concentrating more on my watch list and less on the thread for a couple days in order to catch an opportunity as it starts. I'll get to the thread ASAP if anything gets hot but I suggest that you keep all those stocks on your list under close watch too. I ramble on this way because the technical profile of the overall market is still on track for a correction as the TA is very likely beginning to accelerate to the downside. I noted on Sun, that the TA was setting up for this scenario and after today it is all the more likely. I cannot recommend initiating any long position at this point unless it is of the opportunistic variety or part of a long term strategy. It is for this reason that a broader list of stocks should be observed in order to increase the probability of a successful quick turnaround trade. Since the long term strength of the market is still intact, there should be no changes in one's long term strategy. Otherwise...short term buyer beware and be nimble. There will be large moves up to be had but it won't be easy for a little while. Doug R

To: Michael L. who wrote (16337)	5/6/1998 12:04:00 PM
From: Raymond James Norris	Read Replies (1) \| Respond to of 79384

Looks like FAXX is going right now. Once it gets above 5$, it should take off. Looking at the chart intraday, I see a ascending right triangle that has been forming at the 4.75 level. It just got above that to 4 7/8. Since 5 is the 52 week high, I believe it has great upside potential. Yesterday they announced a deal with Panasonic where their technology will be built into the 1998 Panasonic Fax Machines. Conservatively Yours, Raymond J. Norris