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Strategies & Market Trends : Lizard King's Trading Swamp
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To: Montilla who wrote (100)7/16/1997 12:14:00 AM
From: LzzrdKing   of 7396
 
PACC looked weak today on decent vol and is extended. It needs a rest and I would not be surprised to see it test 21 DMA at 16 1/2-17 area, and may be fill that gap in the chart. I would have sold some of my shares already.

XCIT looks very good,should test 20-21 area. Nice rounded bottom on daily chart. It is also extended and I usually sell at the first sign of weakness on extended stocks, unless there is an underlying reason to hold some of the position. For example I have been giving the chip EQ stocks more room because there are actual earnings and the sector is #1. Thus, even though FSII was weak yesterday, I didn't sell because the stock was strong in general and was down on no volume, a typical mm fade play. Ditto for ATMI, market makers were playing games, as I posted here, and I held on and today I doubled up, when the thing broke on huge volume.
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