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Technology Stocks : SIEB Siebert Financial Brokerage
SIEB 2.665-6.2%Nov 6 3:59 PM EST
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To: James C. Mc Gowan who wrote (250)4/16/1999 4:39:00 PM
From: Sun Tzu  Read Replies (1) of 284
 
I made a discovery about SIEB today: there is this perception on the net that SIEB is a classic pump and dump stock and I must admit that I used to believe that myself too. But to help me trade SIEB better, I've been watching AMTD as my leading indicator. These two correlate very nicely and in fact, SIEB has been outperforming AMTD! Here is how you can prove it to yourself:

-- go to bigcharts.com and choose to plot SIEB in the interactive mode.

-- In the "Compare to" window, type in AMTD and choose to plot SIEB for the past 5 days in 15 minute intervals.

This plots both SIEB and AMTD intraday on the same scale. notice how closely they follow each other. Repeat this for a 2 (or 3) month chart. The correlation holds well for daily charts as well as intraday charts. The implecation is that unless you believe AMTD and SCH are also pump and dump stocks, what we are seeing here is a sector correction after big gains.

The other interesting thing that I noticed is that money flow into SIEB has been positive despite the downward trend. You can check this out by plotting a 2 day intraday graph at 5 or 15 minute intervals and choosing "money flow" from the bottom indicators. I read these tea leaves as positive, given that volume seems to have dried up and the selling seems to be over done. I am not too happy that we did not finish at a higher level, but niether did AMTD and today was the option day.

All bets are off if the whole tech sector tanks.

have a good weekend,
Sun Tzu
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