Apache

Point and Figure charts are one of my favorite ways of getting a good look at a stock or index. By the very nature of how they are setup most of the noise is taken out of the picture and you get a good view of what the price action on a stock is. I always start off looking at my bar charts (Most people use Candlesticks now I suppose, but the data is the same in either case, it really comes down to visual preferance between the two) and that brings me to the list of names I might like to be looking into further.

The commodity related groups have been in a bull market for a long time now, led by Ags and Fertilizers, Oil and Gas, Coal and anyplace else you can think of that we are suffering from inflation due to the US Peso's (err I mean Dollar) fall from grace. Apache gave me my entry single on March 27th and I paid an average of $121.04per share (the breakout point was above $120.65 to give an idea how much I was willing to "chase" in this particular case. On Friday I sold half of my shares as APA declined under $133, but really this has been a pretty orderly decline in a strong sector, so I would anticipate buying them back at some point and holding onto APA for larger and longer term profits.