One New Speculative CANSLIM Long Position For Wednesday’s Stock Market Session

November 25, 2008

Today was a slightly positive day on lower volume and even though I did not think I would have any new longs, one of the longs we have been watching has broken out. ASEI is turning around on a fundamental basis and is showing increasing mutual fund sponsorship making it a much stronger long than other previous candidates. However, this is not a fresh bull market and that chart pattern below is not perfect. So make sure you do keep it manageable. There are even more stocks on the watchlist now and this is the most I have had since the downtrend started in force in June. NCIT, APAGF, UVSP, WFBC, DLTR, UTI, GB, TSYS, AXYS, CIA, WPP, COGT, DV, STSI, NBTB, DMND, CFL, HTS, LOPE, HEV, ESI, ACM, CWT, and EPIQ all show the potential to possibly become future longs. So the near-term future isn’t completely bleak. There are positive developments taking place. Bases are being built. Patience is all we need right now to become very wealthy when the proper setups resume. Forcing any of these stocks I listed early would be foolish and could put you at a much higher risk of failure. To lessen your risk of failure let it setup and breakout first. I understand that some are still new to this but trust me in time you will learn waiting for heavy resistance to be worked off is the only way to make big gains in short periods of time. Stocks with resistance act as ceilings to price gains. So wait for those stocks to setup correctly and breakout before going long.

new speculative CANSLIM long position: ASEI

ASEI is breaking out of a two month cup with high handle pattern, on strong volume. BOP is near max green as it steadily rises and the accumulation has been strong since August, increasing the chances of this long being successful in this market. Cut your final loss with a close below the 50 day moving average or the 66.56 level, if the stock does not follow-through and move higher immediately.

asei__Large_.PNG

Posted by Joshua Hayes | Filed Under Free Archives Longs 

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