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Technology Stocks : AUTOHOME, Inc

ATHM 23.66

+0.8%

Nov 24 3:59 PM EST

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To: E. Graphs who wrote (11057)	6/11/1999 7:36:00 PM
From: E. Davies	Read Replies (1) of 29970

Don't you mean support at 90? Oops. But support is resistance isnt it? I tend to use the word "resistance" for either direction because I am speaking of regions where prices move less easily. Why are you looking for panic? Prices really do usually reverse on a panic. Most people say it is because the sellers have all finished. Ah says that it is when the buyers finally give up. I say it is psychological: People have a built in moving average in their emotions. As long as the stock stays on the moving average they dont consider it "cheap" enough to enter in force. When the price plunges in a panic finally the emotional state of "cheap" (=much lower than the emotional moving average) kicks in. Suddenly people see prices are rising rather than falling and other people jump in too. They have more than enough business to deal with! They have a waiting list of customers!! Nothing has changed I couldnt agree with you more. So what does this teach us? That price movements are more emotional than fundamental. The one thing that has changed is that people are now afraid. Fortunately when the time is ripe emotions can change very quickly. Are you saying that your possibility is better than my possibility? I am expressing my opinion, so are you. Thats the point isnt it? We probably will both be wrong, but we take the time to express our opinion because it helps us focus and act. You ought to learn how to read charts better. It will improve your luck. The concept of "luck" or something like it is destructive to either a trader or an investor. I refuse to act decisivly on what I see because I "hope" I am wrong. Eric

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