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Strategies & Market Trends : Point and Figure Charting -- Ignore unavailable to you. Want to Upgrade?

To: Al Serrao who wrote (9586)	11/13/1998 6:01:00 PM
From: Logistics	Read Replies (1) \| Respond to of 34811

Al, Added to my IOM position at the close. Looks like it could test 11 next week. JL

To: Al Serrao who wrote (9586)	11/13/1998 6:03:00 PM
From: Dennis J.	Read Replies (1) \| Respond to of 34811

Hi Al. In candlestick terminology, this weeks action for IOM is an inside candle, lower high and higher low than last week. It is close to a belthold candle, opening 1/16 above the low, and closing up, but a little below its high. Beltholds like this are generally bullish, but as an inside candle, the best I can see is a possible reversal back up again, and therefore, the jury is still out. For an uptrend continuation, I would like another white candle with a higher close than the high of last week. Looking at daily candles, they are all black, having worked back down to the 20-day ma, which may provide support. Looking back, I see the stock was up at 16 at the start of the year, then fell to about 3 before roaring back to almost 10 over the last month. Expect some selling here for income tax reasons, and by those who bought below 4 and now have a good/great one-month gain. If the rebound is for real, it might have a good "January effect". As p&f-ers, shouldn't we look to buy on a DT at 10, or at least wait until it reverses up again? Compare to CPU, which fell to a low near 12 in early September accompanied by a lot of insider buying in the 13's, broke out and ran to 20+, retested at 12, and is now working higher at 13-15 -- in another col. of O's, and with a nice QT potential at 17. Even this one may have to wait until the new year. A bottom-fish if it again retests down near 12 (buy with a close stop at 11.5). Nice combination! XO's to select the stock, and candles to help time the entry and exits. Dennis