Hi Peggy and Al. Everything's fine. I've just been very busy with family summertime things and haven't been able to take the time to post as much as I'd like to. I've been reading the board, and, as usual, there has been lots of great discussion.
On another topic, Judy asked me a while back to take another look at IMNX and that's exactly what I'll do, though a bit late. IMNX had a High Pole at the Bearish Resistance Line in July at $64 and Chartcraft likes that pattern as a short sale trade prospect, especially with the NYSEBP in a bearish posture. The stock didn't follow form though, and went on to surge $9 and then moved into a sideways trading pattern, giving a p&f sell at $68. The downside price objective is $63, and that would take the stock below the BSL. Nothing new there as the stock has broken a BSL on two different occasions in '98 only to regroup and move higher. The stock looks to me to be a traders delight but not one I'd be comfortable holding. I know Judy knows the fundamental story and that might give confidence to an IMNX shareholder. Two stocks that look attractive to me in the Biomedics group are AMGN and BGEN. AMGN is coming off a HPT but is acting very well as is Biogen. Not coincidentally, both AMGN and BGEN have RS in X's, while IMNX, while having bullish RS, has been underperforming the market since June.
JMHO.
Bruce |
