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tonight we are offering the best of the best of technical analysis a one-stop shop of everything you need to know to augment your investing without with some of the best charters in the land now let's work on something that's been the province of the best chart work on the show spotting bottoms for best entry points and examining ceilings for the best places to exit or sell when you pick individual stocks you were betting from the moment you buy them that they're going to go higher I know it's pretty simple concept but how often do you do solid fundamental work or in a company you can try to figure out whether it's the right thing the right decision to pull the trigger because your homework is finished and then well it's just going to be a terrible time and you're buying oblivious to the stock hey my homeworks done let's go buy maybe it's not the right moment if for all the work I've done on the off-the-chart segments I now say you're being short said if you don't check out how the stock looks technically after you're done all that homework but before you put the buy order and it's not just the right time since you're done the homework in fact I would consider looking at the chart of the stock is you like as part of the homework get that in your head get it in graining mirror thinking sometimes finding bottoms if so long to clients can be incredibly lucrative look good example let's go back to the bottom of 2009 now I had a sense that the clients velocity was lessening I had already heard the late great mark Keynes make his famous Haines bottom call based on his innate feeling I know that my friend Doug cast who writes with me real money part pro that's part of the suite that come family sometimes notice being an aggressive bear had actually turned pronounced ly+ he was saying we were a generational bottom but I was still skittish about picking any individual stock to recommend to you so I was looking for a situation it seemed about as bulletproof as I could find I came up with AT&T the phone company and it's so much going for it you got to go back in the Wayback Machine here but it was included a smashing rollout of the Apple iPhone which was going to produce record profits his ATT took business from its appleís competitors had an outsized dividend when they yield 6.2 percent at that moment the yield was much higher than just about any stock in the Dow the dividend was safely backed by a tikis humongous cash flow still though the stock kept plunge every time I thought it might have firm footing no as I'd done my research thought it was time to buy no no check the chart so I waited I waited for a few days where the stock seemed to stabilize and decided that at last the level might be right in the stock at home enticing moments like these it's best to check with the Charter so I did I actually put him for four charters amazingly they all greet the tea it's found the strong foundation and was definitely worth considering for an investment remember they didn't care at all about the fundamentals so take a look at what attracted them take a look at this chart first all four technicians agree that ATT had established what is known as a climax Lowe at 21 back in the tsunami of selling that was this period okay even just have to understand that we are just at one of these moments that was just so hideous you can see the big lift big lift in stock and then well what's the state I don't want to give away the story that's where lots of sellers are capitulated this is where they said they capitulated right here but buyers had started to step up to create a base okay see the extended base were floor at the stock at that level they arrived to that judgment by looking at where the volume the sum of all the transactions during that period had expanded to a level far in excess of a normal periods trading so you can see there's no imperius trading then boom take a look at that right that's a sign that the sellers had exhausted themselves the volume levels according technicians showed that most of the big portfolio managers wanted out of the stock they had fled it by now at the same time buyers to step up to meet the supply with a concomitant level of demand think of it like this until you got the climax there were so many more sellers than buyers at each level that they knocked the stock down with their own selling as long as sellers overwhelmed buyers with they're dumping no base can form bad time to buy a climax is a sign that those potential sellers who've been holding on for some time are finally giving up on mass dig give up remember Texas just don't care why that might be the case they're just monitoring price and vibe when they see that volume gets larger expands but the stock doesn't go down that means at last the stock has found is four so it's now time to buy it's safe that's where the buyers are at last equal to the sellers and their power to determine the direction of the stock and that's a form of well Librium it's finally upon us okay that's the base safety T but how about the events that's going to happen when a stock takes out resistance overhead okay to examine the possibilities of a stock the technicians don't just look at the closing price and the graph that price against the previous day's when we've closed they don't they don't just look and say oh that looks good that looks bad no that's not helpful because it doesn't yield a true picture of the stocks trajectory instead technicians use what is known as a moving average to better represent the action in stocks price movements a moving average is formed by taking the closing prices of a stock over a period of time and then adding those prices up and then dividing those prices by the days in a particular measured period tend not to talk about this and off the charts but we're doing everything tonight I'm breaking it down for example you can measure moving average over say a 10 day period by adding up ten days with the closing prices by dividing the sum by ten plotting in our autograph each subsequent day you add in the new clothes and you drop off the earliest price to get the sum of a new 10 day measuring period the four technicians I check in with for ATT they all just use a longer term view they selected a 200-day moving average they notice that even though ATT had most certainly found a floor at the $21 level if the stock had repeatedly bounced off of it kept for failing meaning couldn't get through to failing to move up above the 200-day moving average the data won't plot it it they're all done the same amount of work that's what they looked at and that created what looked to be a ceiling see we have the ceiling the 200-day moving average there's nothing you can do they just felt that every time it got there this stock was capped then at last ATT cracked through the ceiling of resistance and that's the 200-day moving average that was the signal that was a signal that last ATT could generate a great trade Ward investment the old roof became a new floor here's your new floor the 200-day every time the moving average went above the old roof it would create the possibility of a new floor then the stock would come back and test that floor and it held this pattern in bold inspires as they recognized the stock didn't break that newfound base and instead bounce off it knows it didn't go back to where that collect climax law was it held looking back at the beautiful bottoming that we see here with ATT it now seems like child's play doesn't yeah of course it was done going yet at that moment was anything but easy because at the same time these technical analysts were saying the bottom is in and it was time to buy the fundamental analyst they were scared out of their wit's not one was valuable to me and helping the call bottom they were all scared of death right here some are even worrying about pension obligations that could cause the dividend to be slashed something that was way way wrong but it scared the heck out of me remember how many people are in this stock for the dividend that base that flora gave the stock a launching pad to blast off and then almost straight line into the 30s it's one of the biggest gains to say stock could ever give you so here's the bottom line when you see this kind of reliable pattern is ATT demonstrated despite what the fundamental analyst might be saying you have to use the discipline that these technicians give you to pull the trigger and take advantage of a fabulous buying opportunity that might otherwise be overlooked after the market takes a real salafi never took it out and way if the break I'll try to make you form one I am looking for a doctor primitive decisions here longtime listener first-time caller mr.
Kramer it is an honor I've been watching the show for about ten years long time first time love your show and it's fun to write another book Jim you want to give a big shout out to my dad who turned me on to you long ago my dad turned me on to your show thank you for all you do thank you so much for everything you do the bugle an investor you need to break the wall street co
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