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All,
I'm really excited! I'm fully invested and both the NASD OTC Index and
the MS High Technology Index broke out to all time new highs Friday. Now its
time to sit back, relax, and watch my money grow. At least, that's the
scenario I'm counting on <G>.
Just in case there is a bump along the way, I did identify a stock to
replace one I might be stopped out of. That stock is one of my all time old
favorites - Schwab (SCH).
SCH at 36 is in a Short Term Up Trend Channel (STUTC) within an
Intermediate Term Up Trend Channel (ITUTC). The long term trend is also up.
The top of the STUTC is at 41 and the bottom at 35 1/2. The top of the ITUTC
is at 45 1/2 and the bottom at 30 1/4. It broke out of a Short Term Down
Trend Channel in late April and moved up strongly until early May. Since then
it moved sideways and then bounced up off the bottom of the STUTC last
Tuesday. The S/C and ROC are positive and rising. The ADXR is flat around 20
due to the sideways move. The story here is that brokers just have to be
making all kinds of money at these volume levels and Schwab is the giant of
the discount brokers. If I do open a position, I'll set the target at 45 and
the stop at 34 3/4.
I'll send a sch.gif chart to everyone on the e-mail list. If you're not
on the list and want on, just yell.
Jim
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