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1998-08-17
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From: owner-canslim-digest@lists.xmission.com (canslim-digest)
To: canslim-digest@lists.xmission.com
Subject: canslim-digest V2 #361
Reply-To: canslim
Sender: owner-canslim-digest@lists.xmission.com
Errors-To: owner-canslim-digest@lists.xmission.com
Precedence: bulk
X-No-Archive: yes
canslim-digest Tuesday, August 18 1998 Volume 02 : Number 361
In this issue:
[CANSLIM] Woodward?
RE: [CANSLIM] Woodward?
Re: [CANSLIM] Woodward?
RE: [CANSLIM] Woodward?
[CANSLIM] M Noise - VIX & Indexes
Re: [CANSLIM] M Noise - VIX & Indexes
[CANSLIM] "Non - M Noise"
[CANSLIM] List of Newspapers
Re: [CANSLIM] "Non - M Noise"
[CANSLIM] Did we get the follow through?
Re: [CANSLIM] Did we get the follow through?
Re: [CANSLIM] Did we get the follow through?
Re: [CANSLIM] Did we get the follow through?
Re: [CANSLIM] Did we get the follow through?
----------------------------------------------------------------------
Date: Mon, 17 Aug 1998 19:19:26 -0400
From: Jeffry White <"postwhit@sover.net"@sover.net>
Subject: [CANSLIM] Woodward?
Mr. Woodward wrote:
> 3. 1% follow through with heavy volume: I am sure you will recall that a 1%
> push off from the low with heavy volume, followed by another big push 3 to 9
> days later implies a market recovery.
What's wrong with this comment, or what's right? Two one percent on
"heavy volume" days? Not HTTMIS, certainly, and doesn't square with my
reading of IBD articles, WON's comments, etc. From where does this
come? Anyone ever back tested this concept? Am I missing something?
Db, as an HGS student, can you explain Mr. Woodward's comments here?
Are they the source of your (mis)-reading of Chapter 7 on Market
direction, page 59?
A 1% move today in the indices....BUT, alas, on lighter volume than the
prior day's trade.
Jeffry
- -
------------------------------
Date: Mon, 17 Aug 1998 18:43:53 -0600
From: "Dan Sutton" <dsutton1@cris.com>
Subject: RE: [CANSLIM] Woodward?
Good question. Let me see if I can figure out the right formula to do a
Paintbar study in Supercharts to see how this works. I may be able to get to
it later this evening.
- -----Original Message-----
From: owner-canslim@lists.xmission.com
[mailto:owner-canslim@lists.xmission.com] On Behalf Of Jeffry White
Sent: Monday, August 17, 1998 5:19 PM
To: canslim@mail.xmission.com
Subject: [CANSLIM] Woodward?
Mr. Woodward wrote:
> 3. 1% follow through with heavy volume: I am sure you will recall that a
1%
> push off from the low with heavy volume, followed by another big push 3 to
9
> days later implies a market recovery.
What's wrong with this comment, or what's right? Two one percent on
"heavy volume" days? Not HTTMIS, certainly, and doesn't square with my
reading of IBD articles, WON's comments, etc. From where does this
come? Anyone ever back tested this concept? Am I missing something?
Db, as an HGS student, can you explain Mr. Woodward's comments here?
Are they the source of your (mis)-reading of Chapter 7 on Market
direction, page 59?
A 1% move today in the indices....BUT, alas, on lighter volume than the
prior day's trade.
Jeffry
- -
- -
------------------------------
Date: Mon, 17 Aug 1998 18:09:45 -0700 (PDT)
From: dbphoenix <dbphoenix@yahoo.com>
Subject: Re: [CANSLIM] Woodward?
<<Db, as an HGS student, can you explain Mr. Woodward's comments here?>>
Since Dan offered the quote, he is in a better position to explain it
to you.
<<Are they the source of your (mis)-reading of Chapter 7 on Market
direction, page 59?>>
Don't know what you're referring to.
- --Db
_________________________________________________________
DO YOU YAHOO!?
Get your free @yahoo.com address at http://mail.yahoo.com
- -
------------------------------
Date: Mon, 17 Aug 1998 20:59:33 -0600
From: "Dan Sutton" <dsutton1@cris.com>
Subject: RE: [CANSLIM] Woodward?
Although I am probably the last person that should be trying to interpret
this question, first we need to determine what "heavy volume" is. I don't
see a specific definition for that in O'Neill or Ian's examples here. If we
use volume greater than the 30 day average , and a price increase of more
than 1% of yesterdays close there are several examples. I will look at there
significance, or lack of ....but a quick glance shows that there actually
was this type of action in June and January this year as well as during May
of 97.
- -----Original Message-----
From: owner-canslim@lists.xmission.com
[mailto:owner-canslim@lists.xmission.com] On Behalf Of Jeffry White
Sent: Monday, August 17, 1998 5:19 PM
To: canslim@mail.xmission.com
Subject: [CANSLIM] Woodward?
Mr. Woodward wrote:
> 3. 1% follow through with heavy volume: I am sure you will recall that a
1%
> push off from the low with heavy volume, followed by another big push 3 to
9
> days later implies a market recovery.
What's wrong with this comment, or what's right? Two one percent on
"heavy volume" days? Not HTTMIS, certainly, and doesn't square with my
reading of IBD articles, WON's comments, etc. From where does this
come? Anyone ever back tested this concept? Am I missing something?
Db, as an HGS student, can you explain Mr. Woodward's comments here?
Are they the source of your (mis)-reading of Chapter 7 on Market
direction, page 59?
A 1% move today in the indices....BUT, alas, on lighter volume than the
prior day's trade.
Jeffry
- -
- -
------------------------------
Date: Mon, 17 Aug 1998 23:04:53 -0400
From: "Frank V. Wolynski" <Wolynski@MindSpring.Com>
Subject: [CANSLIM] M Noise - VIX & Indexes
Looking at two charts tonight, side by side. VIX and DJIA.
The VIX closed lower than yesterdays close, after opening higher.
This has more than once signaled a reversal when the reading was this high.
(36.12 was the high)
The three prior peeks I have that exhibited this type of behavior were
rewarded with considerable rallys.
I read on another board that the OTC broke to the downside an intermediate
uptrend line on Friday and that line acted as resistance today. I don't see
it that way at all.
I use the closes only when drawing trendlines (something I picked up from
TASC, July 98) and my trendlines actually show the intermediate uptrend was
indeed violated on Friday, but todays close was solidly above it. Also,
todays action acted well in the face of the supporting downtrend line that
extends from 7/20 @ $2014 and 7/30 @ $1919. Price action stayed above that
downtrend line all day.
We may have a day or two of negative volume as the latest 'Flood' of news
and admissions is absorbed and digested, but I am keeping an eye out for a
completion of a pattern that will set up for a decent advance.
Frank Wolynski
( P.S. I also have a scenario in which the whole mess goes South quicker
than you can blow a dike in China, or a Bill on the Hill. Tough to be
prepared for both scenarios! Good luck all!)
- -
------------------------------
Date: Mon, 17 Aug 1998 21:47:56 -0700 (PDT)
From: dbphoenix <dbphoenix@yahoo.com>
Subject: Re: [CANSLIM] M Noise - VIX & Indexes
<<I read on another board that the OTC broke to the downside an
intermediate
uptrend line on Friday and that line acted as resistance today. I
don't see
it that way at all.
I use the closes only when drawing trendlines (something I picked up
from
TASC, July 98) and my trendlines actually show the intermediate
uptrend was
indeed violated on Friday, but todays close was solidly above it.>>
Perhaps you and the other poster are defining "intermediate" in
different ways. If you start in January and use closes, there is a
line that is tested four times before last Friday. I assume this is
the one you're using. If you go back a little further to the previous
April, you can get a longer-term line that intersects the vertical
axis at 1750 and is approximately in line with the 200d.
But, as you point out, volume is nothing to get excited about in
either direction. So we watch. What I find interesting is how the
various indices are behaving, such as the NDX.
- --Db
_________________________________________________________
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Get your free @yahoo.com address at http://mail.yahoo.com
- -
------------------------------
Date: Tue, 18 Aug 98 08:05:58 PDT
From: "Walter Stock" <wstock@globalserve.net>
Subject: [CANSLIM] "Non - M Noise"
There are times that I am very grateful to have a dull
and boring Prime Minister like Jean Chretien.
Last night at 10:00 pm was one of those times.
In spite of what the media might think, there are other
stories than the Clinton mess, and I thought I would
mention one of them that seems to have been
somewhat overlooked: Standard and Poor have now
downgraded Russia's foreign currency debt to
Triple-C. A Triple-C rating translates into a 60% to 70%
chance of a default. If Russia does default, it would
be the first major nation to default on sovereign debt
since World War II.
In spite of some incredibly myopic and parochial
comments on CNBC that Russia really wouldn't matter,
if Russia defaults, you would see immediate spillover
effects into the other emerging markets and into
South American and European markets as well.
The wave would wash up on North American
markets as well.
For now, Europe is doing very well this morning and
following in Wall Street's footsteps from yesterday.
I am still 100% cash in the trading account, and in
bonds in the retirement account. Still, the market
showed good strength in the big caps yesterday, and
I may re-enter the market for some short-term trades
if the market rally continues today.
Walter Stock
Oakville, ONT - Canada
- -
------------------------------
Date: Tue, 18 Aug 1998 05:40:13 -0700 (PDT)
From: TM <edmalone@yahoo.com>
Subject: [CANSLIM] List of Newspapers
This site was mentioned on FOX last night in a different context. Its
a keeper, the whole left hand column is an index- links to the best
newspapers, IMO.
http://drudgereport.com/
TM
- ---Walter Stock <wstock@globalserve.net> wrote:
>
> There are times that I am very grateful to have a dull
> and boring Prime Minister like Jean Chretien.
> Last night at 10:00 pm was one of those times.
>
> In spite of what the media might think, there are other
> stories than the Clinton mess, and I thought I would
> mention one of them that seems to have been
> somewhat overlooked: Standard and Poor have now
> downgraded Russia's foreign currency debt to
> Triple-C. A Triple-C rating translates into a 60% to 70%
> chance of a default. If Russia does default, it would
> be the first major nation to default on sovereign debt
> since World War II.
>
> In spite of some incredibly myopic and parochial
> comments on CNBC that Russia really wouldn't matter,
> if Russia defaults, you would see immediate spillover
> effects into the other emerging markets and into
> South American and European markets as well.
> The wave would wash up on North American
> markets as well.
>
> For now, Europe is doing very well this morning and
> following in Wall Street's footsteps from yesterday.
> I am still 100% cash in the trading account, and in
> bonds in the retirement account. Still, the market
> showed good strength in the big caps yesterday, and
> I may re-enter the market for some short-term trades
> if the market rally continues today.
>
> Walter Stock
> Oakville, ONT - Canada
>
>
> -
>
>
_________________________________________________________
DO YOU YAHOO!?
Get your free @yahoo.com address at http://mail.yahoo.com
- -
------------------------------
Date: Tue, 18 Aug 1998 05:47:57 -0700 (PDT)
From: TM <edmalone@yahoo.com>
Subject: Re: [CANSLIM] "Non - M Noise"
"There are times that I am very grateful to have a dull and boring
Prime Minister like Jean Chretien." Wasn't there a scandal a few
years back with another Prime Minister? You seem to have recovered
nicely.
TM
- ---Walter Stock <wstock@globalserve.net> wrote:
>
> There are times that I am very grateful to have a dull
> and boring Prime Minister like Jean Chretien.
> Last night at 10:00 pm was one of those times.
>
> In spite of what the media might think, there are other
> stories than the Clinton mess, and I thought I would
> mention one of them that seems to have been
> somewhat overlooked: Standard and Poor have now
> downgraded Russia's foreign currency debt to
> Triple-C. A Triple-C rating translates into a 60% to 70%
> chance of a default. If Russia does default, it would
> be the first major nation to default on sovereign debt
> since World War II.
>
> In spite of some incredibly myopic and parochial
> comments on CNBC that Russia really wouldn't matter,
> if Russia defaults, you would see immediate spillover
> effects into the other emerging markets and into
> South American and European markets as well.
> The wave would wash up on North American
> markets as well.
>
> For now, Europe is doing very well this morning and
> following in Wall Street's footsteps from yesterday.
> I am still 100% cash in the trading account, and in
> bonds in the retirement account. Still, the market
> showed good strength in the big caps yesterday, and
> I may re-enter the market for some short-term trades
> if the market rally continues today.
>
> Walter Stock
> Oakville, ONT - Canada
>
>
> -
>
>
_________________________________________________________
DO YOU YAHOO!?
Get your free @yahoo.com address at http://mail.yahoo.com
- -
------------------------------
Date: Tue, 18 Aug 1998 10:33:37 -0700
From: Tim Fisher <tim@orerockon.com>
Subject: [CANSLIM] Did we get the follow through?
Been gone the past week, unsubscribed. Did we get the follow through day
off the low in the 3-10 day window? Looks like it to me from glancing at
the InfoBeat sumamries of the indices.
Tim Fisher, 1995 President, Pacific Fishery Biologists
Ore-ROCK-On Rockhounding Web Site
PFB Information
mailto:tim@OreRockOn.com
WWW http://OreRockOn.com
- -
------------------------------
Date: Tue, 18 Aug 1998 13:46:10 -0400
From: "Frank V. Wolynski" <Wolynski@MindSpring.Com>
Subject: Re: [CANSLIM] Did we get the follow through?
Only had one other 1% day since the low and volume was lower on that day.
Same applies today, but of course we still have a bit to go before the close.
Today seems like the best chance thus far at achieving the follow through day.
Closing volume will tell all.
Looks like we might make it.
Volume pretty good so far, but still a bit shy of yesterdays volume.
Frank Wolynski
At 10:33 AM 8/18/98 -0700, you wrote:
>Been gone the past week, unsubscribed. Did we get the follow through day
>off the low in the 3-10 day window? Looks like it to me from glancing at
>the InfoBeat sumamries of the indices.
>
>
>Tim Fisher, 1995 President, Pacific Fishery Biologists
>Ore-ROCK-On Rockhounding Web Site
>PFB Information
>mailto:tim@OreRockOn.com
>WWW http://OreRockOn.com
>
>
>
>-
>
>
- -
------------------------------
Date: Tue, 18 Aug 1998 11:14:34 -0700 (PDT)
From: dbphoenix <dbphoenix@yahoo.com>
Subject: Re: [CANSLIM] Did we get the follow through?
<<Only had one other 1% day since the low and volume was lower on that
day.
Same applies today, but of course we still have a bit to go before the
close.
Today seems like the best chance thus far at achieving the follow
through
day.>>
Are you using intraday low or closing low?
- --Db
_________________________________________________________
DO YOU YAHOO!?
Get your free @yahoo.com address at http://mail.yahoo.com
- -
------------------------------
Date: Tue, 18 Aug 1998 19:07:27 -0400
From: "Frank V. Wolynski" <Wolynski@MindSpring.Com>
Subject: Re: [CANSLIM] Did we get the follow through?
At 11:14 AM 8/18/98 -0700, you wrote:
>
><<Only had one other 1% day since the low and volume was lower on that
>day.
>Same applies today, but of course we still have a bit to go before the
>close.
>Today seems like the best chance thus far at achieving the follow
>through
>day.>>
>
>Are you using intraday low or closing low?
>
>--Db
Depends upon the Index used. I should have specified.
The OTC put in a closing low on 8/4/98. (Today is day 10)
Intraday low on 8/5/98. (Today is day 9)
Neither were surpased by setting lower lows.
I don't have a read on the final volume yet today, but it appeared around
1PM that it should be able to make the higher than yesterday figure.
The DOW is a bit trickier, but probably not necessary under WON's
definition since at least one of the major indexes did complete the pattern.
Or have I goofed immensely?
Frank Wolynski
- -
------------------------------
Date: Tue, 18 Aug 1998 16:27:02 -0700
From: Tim Fisher <tim@orerockon.com>
Subject: Re: [CANSLIM] Did we get the follow through?
OK now that we have the follow thru, is there anything out there worth buying?
The charts of everything I am watching with the exception of a few "mattress
stuffers" have been ripped to shreds. I hesitate to call anything properly
"based". I will be buying some Mattress Stuffers tomorrow anyway, probably
DELL, CSCO, HD, and/or PFE.
At 07:07 PM 8/18/98 -0400, you wrote:
>At 11:14 AM 8/18/98 -0700, you wrote:
>>
>><<Only had one other 1% day since the low and volume was lower on that
>>day.
>>Same applies today, but of course we still have a bit to go before the
>>close.
>>Today seems like the best chance thus far at achieving the follow
>>through
>>day.>>
>>
>>Are you using intraday low or closing low?
>>
>>--Db
>
>Depends upon the Index used. I should have specified.
>The OTC put in a closing low on 8/4/98. (Today is day 10)
>Intraday low on 8/5/98. (Today is day 9)
>Neither were surpased by setting lower lows.
>I don't have a read on the final volume yet today, but it appeared around
>1PM that it should be able to make the higher than yesterday figure.
>
>The DOW is a bit trickier, but probably not necessary under WON's
>definition since at least one of the major indexes did complete the pattern.
>
>Or have I goofed immensely?
>
>Frank Wolynski
>
Tim Fisher, 1995 President, Pacific Fishery Biologists
Ore-ROCK-On Rockhounding Web Site
PFB Information
mailto:tim@OreRockOn.com
WWW http://OreRockOn.com
- -
------------------------------
End of canslim-digest V2 #361
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