The Thread Formerly Known as No Rest For The Wicked Message Board

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Strategies & Market Trends : The Thread Formerly Known as No Rest For The Wicked

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To: ok1day who wrote (51111)	6/15/1999 8:20:00 AM
From: stan s.	Read Replies (2) of 90042

PTEK, CIEN. A couple of points. Go to that site I gave you and draw a trendline from the major open/close LOWS from mid February or so. The line will be from Feb. 18, March 18, May 14. You can see this line was broken to the downside (stock fell under it at close) during the first couple days of June. That was kinda the last straw on that time sequence for PTEK. I'm not saying it won't recover, hell it may soar...but that break was the last chance I would have given it until something looked positive. Right now, near term downside about 10 3/8, doesn't mean it'll get there. But remember...support and resistance are really just opportunities to make decisions, reference points. Otherwise stocks would do nothing but bounce between points. An easier visual example of a broken trendline is CIEN. Broke an up trendline yesterday (3 bottom points starting on April 19). No guarantees but sans a recovery today it's likely to visit lower support. Again these are comments based on the way I trade...and frankly shouldn't be used without a clear picture of the TA story i.e., when to re-enter etc. It does no good to get out if ya don't know when to get back in and vice versa. TA helps but it's far from perfect. My #1 rule, no more than 10-12 % of trading money in any one stock. Best of luck. Stan

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