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Strategies & Market Trends : Z Best Place to Talk Stocks
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To: Takeover who wrote (20296)7/21/1999 12:25:00 AM
From: DanZ  Read Replies (2) of 53068
 
ECLP, GUMM, BS.

ECLP: This stock is a tough short term call. The momentum is down but the stock traded its highest daily volume in a year and stabilized around 22 1/2. A case can be made for a volume reversal although I would have prefered to see a stronger close to make this call. Their earnings were good but in line with estimates. As I said the other day, I think this stock will trade similar to an Internet issue for a while, i.e. very volatile. I think it's prudent to buy small amounts on the way down because I think it will turn around fast at some point and trade back over 30.

GUMM: The significance of today's low at 10 3/4 is that it proved to be a successful test of the breakout point on July 1. Resistance prior to then was established by intraday highs at 10 3/4 on May 13, 10 13/16 on May 14, 10 3/4 on May 17, and 10 3/4 on June 7. Today's close at 12 is also significant in that the stock remained above its 20 day moving average (middle bollinger band) on a closing basis. I look for the stock to retest last week's high at 13 5/8 in the short term and possibly move to 15. A short squeeze due to a forced buy-in is still a real possibility and I don't think it has played out yet.

BS: Harold S. mentioned BS the other day and Larry asked for opinions. It doesn't look exciting although I think it could get exciting if it trades over 8 1/4. I'd use a buy stop on this stock with a target of 10 if the buy stop is triggered. I'd like to do this stock for the Z port according to this plan. Larry or Harold: do you want to sponsor this stock? What are your thoughts on buying on an 8 1/4 stop?
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