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Strategies & Market Trends : Three Amigos Stock Thread
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To: Ken W who wrote (9380)10/11/1998 7:04:00 PM
From: Prof  Read Replies (1) of 29382
 
Ken, this one has been in my little basket of beat up stocks to watch too.
The chart on FILE is a bit fuzzy (as are most of them these days.) As you say, it's still longterm oversold, but Stoch still showing %K crossing below %D (although both are under 25 - so there is your coin toss:-) In other words, market conditions are going to set the direction of this stock. Of course, the pre-warning is now figured into the price of the stock and my guess would be the shorts covered and got out Friday (thus your bounce.)

Now my GUESS(you're asking right? :-). I see the Market rallying early Monday but petering out by about 9:30. Trading sidways all day. I don't believe we'll have a BIG selloff at close on Monday (that will come toward mid-week).

If I owned FILE, I would hold looking to sell and reverse position around 9:30 (unless the market conditions tell me something different at that time.) If I were looking to take a position, I would wait about an hour after the open and make a decision - right now I believe I would be looking to sell the stock short. Considering all the evidence we have that the market will still head lower, anytime the coin toss is between long and short, short seems the safer bet.)

Don't know if this helps at all - just my .02 :-)

Good luck. I'll be watching this one too.

Prof
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