Feb. 9, 2000
Now I know all the action these days is in technology and biotechnology, and it's asking for trouble when you find a stock that is outside those two groups. But since it's not as easy for me to find bases in those groups anymore, I've been searching elsewhere.
Join the discussion on
Message Boards. There is base-building going on in the chart of
(which used to be called
). For nearly a year, this stock has rocked back and forth; it even eked out a new high late in 1999 before giving it up again. Yet it continues to make higher highs and higher lows, which is all part of base-building. Of course, we can't expect it to have the sort of move that a technology stock would, but maybe some folks would prefer a calmer stock like Target.
An astute reader found another chart that caught my eye:
-- you know, the folks who make hair dryers and toasters. That chart has just broken out of a seven-month base, which gives us a projected target in the mid-20s. Before you say, "Big deal, the mid-20s," I'd like to point out that if the stock were at 185 with a target of 250, it wouldn't be any different in terms of percentage gain.
Helene Meisler, based in Singapore, writes a technical analysis column on the U.S. equity markets on Tuesdays and Fridays, and updates her charts daily on TheStreet.com. Meisler trained at several Wall Street firms, including Goldman Sachs and Cowen, and has worked with the equity trading department at Cargill. At time of publication, she held no positions in any securities mentioned in this column, although holdings can change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. She appreciates your feedback at