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Sell On Technical Signs, Not Fundamentals.(INVESTOR EDUCATION)(INVESTOR'S CORNER)
Byline: PAUL WHITFIELD
A key tenet of IBD's CAN SLIM investing philosophy holds that investors should buy stocks based on both fundamental and technical strength.
But when it comes to selling a stock, you must find your way on the technicals alone. A stock's fundamentals will often appear to be in good shape several months after the stock has started to show weakness, hit its peak and rolled over.
Which technical warnings can you use to alert you when it's time to sell? Watch out for new highs on weak volume. Sharp downward reversals are a bad sign. A stock that makes its biggest decline since its breakout or slashes through a key support level like the 50-day moving average in heavy volume is also a prime sell candidate.
Cisco Systems went public in 1990. Ten years later, it was a Nasdaq star. In November 1999, the stock broke out of a base (1), continuing its huge run-up. The breakout came on strong volume, and the Nasdaq was still blazing.
Cisco rose for 12 weeks, then made its first trip down to its 10-week moving average in late January. Seven weeks later, it made a second trip to the 10-week, bouncing off it again.
Starting on March 16, Cisco rose for seven out of ...
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