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LG,
What are your thoughts on this chart. I've stayed away from these lower priced plays, except ARMHY, but may make an exception with this one.
Thanks,
Fletch
Thanks Augie,
I need all the TA help I can get.
Fletch
Hi LG,
I like playing wedges or wedgies myself. You are supposed to wait for the break but they are supposedly a continuation pattern, according to stockchart school, so they should break with the trend.
http://stockcharts.com/education/What/ChartAnalysis/symmTriangle.html
I've found them useful as an indicator on lots of time frames as well.
Recently, one of Zeev's core plays had a nice wedgie. look at the chart in mid Oct.
At times the wedge isn't perfectly formed but plays out real well. Look at this one on FSTW that formed after earnings.
Usually, wedgies are a coiling with lower volume until the final breakout. We have had a lot of bullish wedgies lately along with lots of cups. What do you think of wedgies?
Fletch
Hi Hank,
This is one strange rally we are having. I'm glad FSTW is finally taking part but I must confess to trimming some. I don't like gaps at all and for no reason FSTW just left a big one. This rally worries me because a lot of goofy stuff is going up while others aren't. I've heard of new leaders but this is indeed very strange. I posted on Zeev's that this may be "climbing the wall of worry" but it just doesn't feel right.
Well, off that subject. I saw you posted about CHS over on SI. I like that retail company along with CBK and FRED. I'm only in CBK right now but will get back into CHS again. Right now I'm building cash up a little and my stock port is at 25% now. Even if we are in the early stages of a secular bull, we're due a pull back or a rest here. Just don't forget to trim some :).
Best Wishes,
Fletch
On the chart below you can make out what I call a wedgie. It's a little out of shape but it broke up big. <VBG>
Zeev,
Can we be climbing the "wall of worry"? Does this chart become a wedgie down here? Certainly the volume hasn't fallen off real bad over the last few months. I guess in the big picture of things, investors are much better off, if they have a long term horizon, that the market has pulled back this much. The longer it stays down here, the more shares that can be bought at this lower level. As long as it eventually comes back that is <G>.
Fletch
Telecoms in a long bottoming process? Look at some CMVT charts.
Fletch
Zeev,
Any thoughts on NXTL? They are really doing well with their two way radio type Motorola phones. I have one BTW, it's cool. I'm eyeing them up to buy around 11. I'd like ELX near 15 and to get back into QLGC around 35 or lower.
Thanks,
Fletch
A real good case for good earnings "leaking" out days ahead of the actual release.
The buck.
The dollar over 6 mo.
Gold
mlsoft,
I bought some gold today and dumped a few tech longs. It's just the way the market has been behaving lately, very strange and not doing what anyone expects. My thoughts are that the PPT (or someone) buys a little and that starts the short covering runs. I'd like to see a little gap filling now myself. No need to retest the lows though.
Fletch
Yes, gold is moving up with the buck falling. $ tanked at 2:30-3:00 this afternoon it looks like.
Another fake out?
Fletch
YO TrenchRat,
Yes, the charts are all wedged, flagged, cupped, handled, V'ed and doubleUed up LOL. For an excellent chart reading guy like you, it's hard to pick cause so many look good.
Fletch
I just sold my QLGC after hours here. Up that much from the close! Most of the time when they run up like this one night, they pull back a little the next trading day but who knows. I was in it from below 25 and will look to re-enter.
Fletch
Zeev,
Look at QLGC, that's up after hours to near 38. I'm thinking that short covering is the driver. It used to be a few days worth of volume were shorted. I'll bet some plays could take weeks, just to cover all the shorted shares out on them. How far up can that take us?
Fletch
Well Zeev,
Do we sell off a little now? Seems like we could have gone sideways enough? At resistance here but with it the season to be in the market, I'll hold most longs for now.
Fletch
Hi Zeev,
Good to have you with us on a Tuesday morning <g>. I jumped into THQI at 12.90 at the open. Then saw BLUD had dropped big, so I doubled up around 19.50 on it and then added QLGC at 32.10. So far all are doing OK with BLUD up almost a buck. If you have it, can you tell us when the turn up from 1222.22 will happen?
Much thanks,
Fletch
Thanks for the BRCD OB ggg. Do you have one for ELX and or QLGC.
BTW, ZRAN seems to be holding 15, also a ggg. I'm looking at THQI but......I'll wait a little.
Thanks,
Fletch
In edit: I dumped NEM as well....thank you.
Morning Zeev,
What say you on this gap up. A gap and crap today? Even BRCD getting bought now. That ELX is really running up. Do your market indicators account for short covering?
Thanks,
Fletch
I don't think you are wrong about questioning the future of ADSX. That's why I warned against buying it except for a quick trade. My free shares I should have sold long ago <ng>. They became "free" from buying low and selling at a much higher level, keeping some just in case.
The stock ran up after it was decided that they didn't need FDA approval for the chips to be implanted in people. The problem I see is that a reader-scanner of the implanted chips is used. Unless the reader is very easy to buy because it is cheap and readily available, I don't see this going very far. Now, if the government decided to start using it, that would be a different matter.
Fletch
In edit: Zeev makes another good point on the body rejecting the chip.
Zeev,
I'm with you on being a little bearish right now. While storage and the NAZ are doing OK, it looks like the rest of the market is rolling over. The comp is still going up because the junk is running now. Another sign we could be near a top.
Fletch
Thanks Paula,
I'll be looking them over. First, the wife has lots of Sunday chores for me to get done.
Fletch
Yes,
The ticker is ADSX and here is a chart and profile link. I still have some free shares and will most likely dump them on a good run up. IMHO, stay away but you never know. Personally, after getting burned with RDRT, VTSS, AKLM and ARMHY I'm staying away from those under 5 and now much prefer over 10. On a quick trade, they can make the biggest percentages though.
Fletch
http://biz.yahoo.com/p/a/adsx.html
Zeev,
I ran across this list of the 100 fastest growing companies. Some I own now like CBK and NVDA while some I've owned in the past like COCO, HOTT, UNT, DYII and PENN. An interesting list, with a surprising number of energy companies near the top.
Any thoughts?
Fletch
http://www.fortune.com/lists/fastest/index.html
Zeev,
Is there a good reason why your not in FSTW right now, or is it a case of you can't own them all? I did sell some on the earnings news and most likely will add those back now, unless you have a reason not to.
Thanks,
Fletch
Thanks Zeev,
I just sold SOL because it seems to be at the top of it's channel here anyway. The market just seems to want to get bought. They're buying the dips. I know it would be better healthier if it pulled back some. The storage area is strong from ELX earnings, so I'll be looking at entries there on weakness. My cash level now at 35% and patiently waiting.
Fletch
Zeev,
SOL is now green after being under water from a early 10.50 OB. Do you think this one has more upside or should I exit, just to build cash up? I'm still in all the core plays yet BTW.
Much thanks,
Fletch
Good post Zeev,
Set the perma bears back on the right track. I have to thank the bears, for I think a lot of this rally has been just due to some short covering. Now, maybe down will be right for a while.
Fletch
Dollar chart, showing tankage from noon today. Will gold run a little now?
Selling is always hard....wahz...at least for me. Now after selling QLGC and BRCD today..I await Zeev's 100 point drop. As far as shorting here, I stupidly shorted with USPIX after that first rally day up but quickly sold it and called myself a real idiot. Now I should patiently wait, a healthy for the market, pull back.
Good luck,
Fletch
Here is another one that did OK with earnings......ZRAN up AH to 13.85.
Fletch
Dow Jones Business News
Zoran Corp 3rd Quarter Pro Forma EPS 25 Cents
Thursday October 24, 4:57 pm ET
Zoran Corp. (NasdaqNM:ZRAN - News) - Santa Clara, Calif.
3rd Quar Sept. 30:
2002 2001
Revenue $44,057,000 $30,424,000
Net income 4,707,000 (8,055,000)
Avg shrs (basic) 27,150,000 26,253,000
Avg shrs (diluted) 28,089,000 26,253,000
Shr earns (basic)
Net income .17 (.31)
Shr earns (diluted)
Net income .17 (.31)
Figures in parentheses are losses.
Zoran Corp.'s pro forma earnings rose to $7 million, or 25 cents a diluted share, from $2.8 million, or 10 cents a share, a year earlier. Pro forma results exclude acquisition-related costs such as amortization of goodwill and other purchased intangibles.
Pro forma earnings came in ahead of the Thomson First Call analysts' consensus estimate of 23 cents a share and the company's own guidance of 22 cents to 24 cents a share; revenue beat the mean estimate of $42.5 million.
Zeev,
Home for the afternoon so I sold QLGC and BRCD and followed you into NEM. If I remember, you were saying sell NEM at 30 last run. Is 30 possible this time, or are you only looking for buckers on it?
BTW, the pain is now gone on that GNSS sell and it looks like sell the news on the NXTL good earnings.
Thanks,
Fletch
Oh, I see LOL. Your not in SKX right now. Remember that I work Zeev and can't follow every post like I'd like to. Gee, I missed getting CYMI AH last night at 18.50 and then had a bid pre market at 18.20 that never filled. I was a little sick when I later saw the run it made right after the open <ng>.
Fletch
No Zeev,
I didn't think you had any control over it falling with the market weakness. I'm thanking you for having it in the core and saying it's a triple from the lows. So I bought it there. It's running up now, while there are many others still stuck in the mud. Why would you take my post differently?
Fletch
Zeev,
SKX doing very well from that recent low below 7 <g>.
Fletch
PS So in your opinion, GNSS is doing OK as far as earnings go?
Hank,
I like to look at charts and this one says a lot. Only negative I see is a small gap left at 9. We did get rid of that gap just below 5. The good info that's missing here is the P/E, which is around 10 now <g>. I'm still learning TA but things I like here are a good double bottom forming a nice W pattern. May it now break 10 and the mutual funds start buying it up.
Fletch
Zeev,
Seeing as your bull horns are still in place, can you give a swing entry target for CCMP? FSTW earnings and CC were liked <g>. Up after hours to 11 but last sale was for 1000 at 10.
So far my two Q swing plays are doing very well. CCMP looks too strong to pass up and buying the dip seems to be working right now.
Thanks,
Fletch
Yes..... listening now. .21/share this quarter. In edit: FSTW 1000 shares bid at 10...ask 11 after hours......<VBG> In double edit OOOPPS the ask left LOL. 200 just sold on REDIBOOK for 11.00.....Another large gap up???
Fletch :)
Well Hank, FSTW has moved quickly back to 8, which could be an area of some resistance. BTW, is Firstwave eating anyones lunch? Look whats happened to SEBL....some just doing better then others? It does need to get above 10 again doesn't it <VBG>.
Fletch
OK Zeev,
I'll try to remember to do a search before asking you a question. I have been doing searches a lot more lately and do find lots of good info. just left there for the reading. I just added ECL to the core tracking port and I'm now into around half of the core. I'm also hoping it's the better half ggg.
BTW, Larry Dudash has HAL shut down until we hit QQQ 26.16. I'd guess he feels like he was whip sawed enough and a break above that earlier 8/22 top would be a very bullish sign that the trend has indeed changed. QQQ 26.16 equals NAZ 1426 and NDX 1052 which I see you now have most likely taken out in the first quarter of 03. That calls for a <VBG>.
Fletch
Little more then 2 points to go on QQQ and hoping it's not a double top.
Zeev,
I didn't know ECL or Ecolab Inc. was in the core.....is it? In edit maybe just one you like to play as in CCMP and COCO. BTW, that NXTL has been very hot. Ever look into them?
Thanks,
Fletch
Titan,
Zeev has this as a core stock which means he's been over the financials with a fine-toothed comb. It also means he likes the management as well. Yes, the P/E is low right now, especially for a company that's growing as fast as they are. BTW, I'm glad to hear they are still doing well in Southern California, as they usually lead the rest of the country in trends.
Fletch
Anyone buying SKX?
Yes, I think Zeev thinks they are more then a triple from the lows. I'm in at just under 14, 8.50 and yet again near 7.
http://www.investorshub.com/boards/read_msg.asp?message_id=542739
http://www.investorshub.com/boards/read_msg.asp?message_id=533359
Fletch
Hi Zeev,
I don't know what charting site you like but one I look at once in a while is Saavycharts. They show us approaching resistance here at 1300, with support at 1225. For those interested they have moved to http://www.saavycharts.info/
Fletch