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Strategies & Market Trends : Piffer OT - And Other Assorted Nuts
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To: The Phoenix who wrote (12515)1/7/2000 11:39:00 AM
From: Ms. X  Read Replies (1) of 63513
 
See, this is where technicals could have helped you. I'm not being sassy, just want to point out something 'cause I know you have trouble believing this.

With ANCR it had an RS in O's and in a market that is bullish that isn't good. It is worse if the market is bearish because then it is under performing an under performing market. With the RS in O's however you know for some reason people aren't buying the stock quite yet, it isn't popular for whatever reason. Can be fundamental, can be a popularity contest or the analyst haven't discovered it. Doesn't matter what it is, it just is.

Then, the stock kept breaking support levels. This means for whatever reason people were willing to sell it lower than they had before. Instead of having confidence of holding the stock, the got rid of it. Compare that with stocks like CSCO that do pullback but rarely get sold past major support levels.

Then there are chart patterns that have percentages attached to their "prophecy" being fulfilled. ANCR created a bearish triangle and the final sell at 66, rallied up to 72 but didn't break resistance and then it fell apart again. However before that the stock broke all near term support at 73. In either case it really broke down. A bearish signal has a high probability of being fulfilled. In this case it came true.

Some of it is market driven for sure but the same rule applies. There are other stocks that move down because of the market but don't break support. ANCR broke support 5 times before hitting the current low. That is plenty of indication.

Technicals are used with fundamentals. Fundamentals tell you what and technicals tell you when.

Someday I'm gonna get you convinced. It's my new quest. Maybe in Reno I have a chance. Will everyone help me?

We'll have a ticker tape parade if we succeed. :-)

wingandaprayer.com
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