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Strategies & Market Trends : Z Best Place to Talk Stocks
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To: Larry S. who wrote (20904)10/4/1999 9:41:00 PM
From: DanZ  Read Replies (1) of 53068
 
MAT, MUEI.

Larry,

I agree with you on MAT. It could have a Christmas rally and trade at least 50% higher in 4 to 6 months. I didn't buy any today because large sellers kept hammering the bid and it just kept going lower and lower and lower. It was relentless selling, even worse than the selling in MUEI last week. MAT is now trading at a price not seen since 1993. This is overdone to the max, but as we know, fear can do this to a stock in the short term. I don't think there were many opportunities to short the stock today because up ticks were rare and had very little size. Based on the monthly chart, which may not help much, I would expect some support between 10 1/2 and 11.

I flipped MUEI several times today for small profits and went home with the same size position that I started with. The action looked good today and I am confident that it will continue for at least another day or two. Goldman Sachs and Merrill Lynch were the big buyers today. It's ironic that Merrill is buying big right after they bad mouthed the stock in a research report. They were buying last week at 10 1/8 and 10 3/16 just after they released their report. Goes to show you that it's more important to watch their actions in the market than what they write. This also affirms my old cliche: Buy on Hold and Hold on Buy.

Dan
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