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Gold/Mining/Energy : International Precious Metals (IPMCF)
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To: Bill Jackson who wrote (3589)3/7/1997 1:48:00 PM
From: J.L.   of 35569
 
Bill and all:
I don't day trade, too many headaches and woulda, coulda, shoulda's. But I think what we have seen here are allot of latecomers and daytraders taking profits. Some of those momentum guys will jump into a stock and ride it for a few days and then dump. Others will not leave any open trades overnight, they get in and decide what stock they are going to do (or who they are going to do). See recent Fortune mag article, I don't recall the date but I read it on an airplane in January.

Question for you guys who watch the trading; Do you see any hint or indication that there was short selling in the 13-14 level ? Remember, you can only short on an uptick.

If (in fact) there was some short selling, that gives us long term believers a price to watch. Especially if some good news comes out in the near future. Also the volume seems to have abated a little during lunch hour as $10 was retested. If you look at the 1 minute chart we may be seeing an area of support (and a double bottom) at the round
number of $10.

If some of those daytraders were shorting we may see them covering some time soon. We will know if there is a runup later today. I think the inordinate volume will give us some hints as the end of trading approaches. Hope I didn't ramble too much. At least I stop once and
a while to put in spaces and punctuation (Chuck).

Regards, Jeff Lund
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