Senthil, the RSI in IBD is not the same as RSI in technical analysis
Now, having said that, I'm pretty sure IBD uses an RSI number based on their criteria.
Truff is right, when RSI gets high, watch out. However, that doesn't always hold true. Just look at the chart for AOL.
Point proven. Momentum investors like to make idiots out of technical traders.
However, Iomega is not AOL - thank God.
P.S. I was not arguing with your earlier post. I agree with you. As I posted earlier, the only reason I was upset with Friday's action is that it made my P/L statement look worse for the weekend. Otherwise, on the extremely low volume, Friday's price action means absolutely squat.
Almost as little as the action on Syquest on Friday. Up 11/32 on 1.5 MM shares. Give me a break. Watch it get slammed again next week.
BTW, I was tempted to short it @ 3.88 yesterday, however, I will wait to see if Syquest gets any boost from Comdex and then will short it.
Rocky should get a chance very soon to buy it back, per his earlier post, @ $1. |
