Okay. Here we are, Aug. 21, and the media is covering the Blaster worm/virus. WSJ today carries a story how this virus slowed down CSX Railroad, Jupiter Media, Air Canada and other businesses yesterday. Internet Security is a must.
Looking over ISSX, we see where the company had to lower expectations for the third quarter after a shortfall in earnings for the second quarter.
However, no one at ISSX could have possibly fortold their luck in having a worm/virus loosed upon the internet in the 3rd quarter which is knocking businesses for a loop.
I picked up shares of ISSX yesterday at 12.54 per share. I did this on the daily charts which had a 3 soldier rising chart pattern.
ISSX finished the day at 12.62. This candlestick took out the 12.50 resistance set on the gap down day, July 18.
Yesterday was the fifth straight up day for ISSX with increasing volume on each susequent day.
The weekly chart shows a strong white candlestick growing towards the down trendline pulled from May 2002. The previous week's white candlestick formed a bullish harami.
This downtrendline was kissed five times since May 2002, and then ISSX would continue to fall. I feel the sixth time will be a charm, and I look for ISSX to bust through that weekly downtrendline which is meeting a slowly growing uptrendline from the yearly low set in May.
The monthly trendline is one to take your time smiling over. The all time high, set back in February 2000 is $141.00.
Yeah, I know, the internet bubble burst right about then too. But if you take time to draw the down channel from that all time high, guess what? The current monthly candlestick is a hair away from finally bursting through this 3 1/2 year old down trendline.
All I can say is watch or trade along with me. I'm in. And internet security is on everyone's lips and on the front page of every newspaper in America at the moment.
I recommend you give this one a look.
Low for the last 52 weeks was 9.85, the high 26.77.
