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The forward numbers aren't so hot. However it passes the O'Neil checklist.
Hi Abe - I may be interpreting this incorrectly but this looks like an improper pocket pivot point. In Trade Like an O'Neil Disciple, it defines an improper pivot point as, "extended from the 10 day moving average means that the extreme low point of the daily price range on the day of the pocket pivot on the chart should be at a point right at the 10 DMA or just below it. If that point is noticeably above the 10 DMA, then the pocket pivot is considered to be 'extended' and hence is very risky to buy into.
In the section "Buying in the Pocket", Dr. K. makes the distinction between the pocket pivot "in the base or within the uptrend." I believe the 10 day moving average is best used when considering a short consolidation "within the uptrend." His Figure 5-8 shows a pocket pivot that appears to start "noticeably above" the ten day. It's a little tough to tell in my Kindle copy of the book. Despite knowing the rules you still have to look at thousands of charts before the specific pattern jumps out at you. Even then you still can be wrong a substantial percentage of the time. This aspect will continue to frustrate speculators. SPPI has the qualities of a stock that really jumps out at me. It looks a lot like a shake out plus 3 (apx 10-15%). The acceleration up along the lows of the past 4 days reminds me of the CSCO Oct 1990 shakeout +3. All this conversation aside, I treat my brief headline above as the most significant analysis. A CAN SLIM stock, several weeks into a shallow consolidation shows a pocket pivot at the 50 day. If you can get it within 5% of the 50 day tomorrow, it's a buy. Then look for the confirmation of more accumulation over the three upcoming days. If none, sell and look/wait for something stronger or another pocket pivot in the same stock. Mull all this over for a while. It's a lot for one paragraph.
how on earth can the eps rating on this stock be an 82?
Abe I have followed and traded Pocket Pivots since the book came out.It is a great addition to the CANSLIM method.
Have you talked to MarketSmith about adding the PP to Pattern Recognition or to scanning?
I was using Worden's TC2000 charting system before switching to MS and I created a scan in TC2000 to find Pocket Pivots, which made it easier than looking at each chart to find PP.
It would be great if MS would add pocket pivots.
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