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Gold/Mining/Energy : American Eco (ECGOF, ECX on Toronto exchange)
ECX 1.670-1.8%Dec 12 9:30 AM EST
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To: Kevin Hamlin who wrote (2678)7/10/1998 7:14:00 PM
From: Michael Anthony  Read Replies (1) of 2841
 
Kevin, I think many traders are going to flip this one and we'll probably see a pullback to 3 1/2 area again before next earnings. Once over 4 1/2 or so, I expect to see more selling than buying. There are holders who may sell on the bounce and traders who got in it for a quick run who will also sell for a quick profit. Anyone looking at Eco now and interested in getting in long term will wait for the dust to settle before jumping on it in the high 4's.

After bad news, stocks usually retest their lows, especially once shorts and traders get ahold of it. I don't see it breaking 5 with the uncertain future in earnings unless there are earnings surprises to the upside. (something I wouldn't get my hopes up for for several quarters from the sound of it)

Personally I'm going to wait until the end of the year and see if tax selling for write-offs drags it down some more. For almost all holders of Eco before last week, they are at a loss now. Some like to take it sooner than later, but in my experience, stocks who's chart looks like Eco's are ripe for end of the year tax loss selling. Call writing for present holders should keep a lid on it as well for awhile. JMO
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