Four New CANSLIM Long Positions, Two New Speculative Long Positions, One New Speculative Long Position, And One Stock I Am Adding To My Existing Position

August 23, 2007

There are a lot of new longs after today’s impressive rally. However, NONE of these are perfect. Therefore nobody should rush out and put all your money in these new longs thinking we are all clear. You still need near perfect chart patterns and NONE of these fall into that category. If today’s follow-through (IBD did not call it one, oddly) does hold, there will be much better charts showing up. If they do not show up, there is no way this rally is going to hold.

[2007.08.22 14:30:44] MauiTrader: FALC
i will come back in taht
[2007.08.22 14:30:44] vivek1263: how are you?
[2007.08.22 14:30:54] MauiTrader: Look at FALC
[2007.08.22 14:30:59] author_ego: can’t complain
[2007.08.22 14:31:02] MauiTrader: i might go $5k in that
[2007.08.22 14:31:02] author_ego: i saw it haha
[2007.08.22 14:31:03] vivek1263: expect a meltup tommorow
[2007.08.22 14:31:10] MauiTrader: max green BOP
[2007.08.22 14:31:18] MauiTrader: i am putting $5k to $10k in it
[2007.08.22 14:31:27] vivek1263: short are going to get squeezed
[2007.08.22 14:31:37] MauiTrader: and put 3% of our port in it
[2007.08.22 14:31:46] MauiTrader: not perfect : if BOP was green to max green
[2007.08.22 14:31:48] MauiTrader: yes
[2007.08.22 14:32:04] author_ego: 50 downtrending
[2007.08.22 14:32:07] MauiTrader: taking some more propfits in BCSI
[2007.08.22 14:32:19] MauiTrader: it is flatening out author
[2007.08.22 14:32:22] MauiTrader: look at the volume
[2007.08.22 14:32:23] MauiTrader: close
[2007.08.22 14:32:24] MauiTrader: and BOP

new CANSLIM long positions: FALC DRYS FLWS OI

FALC is breaking out above the 50 day moving average, and appears ready to restart the uptrend from the June/July lows of 2006, on very strong volume. Cut your first loss with a close below the 50 day moving average and your final loss with a close below the 200 day moving average, if the stock does not move higher immediately.

DRYS is breaking out of high flag pattern (best viewed on a weekly), on extremely strong volume. Cut your first loss with a close below the 58.12 level and your final loss with a close below the 50 day moving average, if the stock does not move higher immediately.

FLWS is breaking out of an ascending V-shaped base, hitting a new 52-week high, on very strong volume. Cut your loss with a close below the 50 day moving average, if the stock does not move higher immediately.

OI is bouncing off the 50 day moving average, on very strong volume. Cut your loss with a close below the 50 day moving average, if the stock does not move higher immediately.

new speculative CANSLIM long positions: AEY TOD

AEY is bouncing off the 50 day moving average and breaking out of a short cup with handle pattern, on very strong volume. Cut your loss with a close below the 50 day moving average, if the stock does not move higher immediately.

TOD is bouncing off recent support, near the 50 day moving average, closing at its HOD, on very strong volume. Cut your loss with a close below the 50 day moving average, if the stock does not move higher immediately.

new speculative long position: WWWW

WWWW is breaking out above the 50 day moving average, on below average volume. Cut your loss with a close below the 5.93 level, if the stock does not move higher immediately.

adding to existing CANSLIM long position: BPHX

BPHX is starting to breakout of a cup pattern, on very strong volume. Cut your loss with a close below the 50 day moving average, if the stock does not move higher immediately.

Last 5 posts in Free Archives Longs

Posted by Joshua Hayes | Filed Under Free Archives Longs

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2 Comments »

Comment by Tom FitzHugh

2007-08-23 20:26:24

IBD’s Knowledgebase defines a follow-through day as a 1.7% increase on either the S&P 500, Dow industrials or Nasdaq on heavier volume. None of those indexes reached 1.7% yesterday, so that must be why it didn’t qualify as a follow-through day for them.

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Comment by MauiTrader

2007-08-29 21:28:37

Tom,

Thank you. Yes, I was for sure it was 1.7%. I got confused because I thought they called a follow through on the DJIA on 8/8. In fact it was on 8/6. So that made sense and the fact that there was not a follow through makes me a lot happier.

However, today (8/29) was definitely a WEAK, but still valid, follow-through on the Nasdaq.

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