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ARCHIVE:    JUNE 1999-MARCH 2000  

An InvestorLinks article
distributed every market day.

Amgen Inc  (NASDAQ: AMGN)
Market Call™ for March 16, 2000
Contributed by Mark Seleznov, TrendTrader.com.

The purpose of this Market Call section is to educate readers in technical analysis patterns and indicators. As with all investment information, you need to research information and consult your financial advisor before initiating any strategies that are contained in Market Call.

Also, you must realize that as with all trading strategies, opinions can change quickly depending on market conditions and developments.

This column tries to present historical examples, potential set ups, and examples of entry and exit strategies.

Regardless of the direction of the general market, some stocks will move in the other direction. We are very oversold in the general market and a bounce soon can be expected.

  • Channel Breakouts

    Channel Breakouts are a popular method of trading stocks. The principal behind a Channel Breakout is that when a stock trades above the highest price or below the lowest price in the last N (number of periods) number of periods, a new trend may be starting to take place.

    This channel trading method can be used in any number of periods from minute bars to weekly time frames. The results of using such a method will often result in a stock moving above a defined resistance or below a defined support area.

    I feel that with any pattern, indicator, or strategy, the key is to recognize when it works and when it doesn’t. A pattern or indicator tested over a long period of time may only have a 50-50 chance of working out in a trader’s favor. A key to successful trading is to limit losses with stops and recognize when the pattern or indicator did not perform as expected. The channel can be almost any defined range according to your time frame and risk tolerance.

  • Let’s look at Amgen Inc. (NASDAQ: AMGN).

    The Bio Tech stocks have been beaten up over the past couple of days. Is a rebound in the future and how can one know that a rebound is taken place?

    AMGN has been in a steady down trend, on a daily basis, for the last 8 days with each day’s high not exceeding the previous day’s high.

    Today, Wednesday, AMGN had a gap opening reversal, which is a very positive bullish pattern.

    The range for AMGN was narrow. If AMGN can breakout above the high of the past two days of 60, I feel a reversal pattern may warrant a trade.

    I would play this by placing a Buy stop at 60 �. If AMGN breaks 60, this will get me into the trade.

    If AMGN falls, the today was just a small rally in a major down trend.

    If filled at 60 �, AMGN should continue to rise and a tight stop at 58 � might be appropriate.

  • Chart courtesy of
     


    Interested in adding Market Call to your website?
    Click here for details: Market Call Information

    Mark A. Seleznov is a General Securities Principal and Managing Partner of Trend Trader, LLC, a NASD, SIPC broker/dealer firm located in Scottsdale, Arizona. A professional trader for over 25 years, Mark was a Market Maker on the Philadelphia Stock Exchange, a Retail Registered Representative, and futures trader. Mark is an author and recognized expert in equity Day Trading. He conducts seminars in Equity Day Trading and offers his firm traders training and support. If his firm holds any positions in the public companies he writes about, it will be noted at the bottom of his article.

    Market Calls is a daily syndicated column on trading by Mark A. Seleznov, Managing Partner of Trend Trader, LLC. For information on obtaining Market Calls for your web site, newspapers, or publication, contact
    Trend Trader, LLC at 602-948-1146

    Disclaimer: Trading in securities may not be suitable for all individuals. Consult your broker or other professional to determine your suitability. This is not an offer to buy or sell securities. The advice given above is of a general nature and should not be taken as a recommendation to buy or sell the referenced security.

     
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    Last modified: March 17, 2001

    Published By Tulips and Bears LLC