Mike...Hey, I'm in CTEC big time... we just have a temporary retrace and consolidation here.. Sorry for the absense--and for being unclear about my "bailing" reference... Look back closely and you will see that I was referring to the PREVIOUS runup (to 17+), when I bailed at 14 and change....
As for the current run, it has a long ways to go, imho. So about the only selling I have done is on a trading basis. One day the spread was so wide that I put in large orders on both the sell and buy side --- and ended up getting both. I traded a couple of other wide swings before the MM caught on and started meeting more of the orders on both sides of the market.... so I lightened up a few shares at 6 1/8 and am waiting to get back to full inventory.
But we nay have a little wait here, imho, before the action resumes. The upside had two resistance points -- one around 5 5/8, which CTEC sailed through easily, and another at around 6 1/4, pointed out to me by E!-graphs, which turned out to be the more significant of the two... Now we have to find the bottom to get ready for the next run...
On the 60-min chart, we get an appearance that support is there:
beta.iqc.com
But I think it's a fakeout... The RSI and MACD don't support the mild positive stochastics... Have to study the daily a bit more, but there is reason to believe we have support at or near the 50-day moving average...
quote.yahoo.com
As a guess, I would think the stock will gradually come down to meet a gradually rising 50ma-- possibly around the 4 1/2 area.... will try to nail that down, if I can keep some time free to check it out.
OK, so we are back in business, right?... I really cannot conceive of any good reason to bail out on THIS run, as we are looking forward to nothing but a series of positives.. I'm sure you are always alert for changes in a good looking scenario, as am I, but I don't see any wisp of a cloud on this parade yet, do you?
tso |
