Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: SliderOnTheBlack who wrote (58410)	1/13/2000 1:17:00 PM
From: SliderOnTheBlack	Read Replies (3) of 95453

JimL - thoughts on trading FGH technically... I think $5 3/4 ish was support on the initial blow off yesterday. Many times I look for these stocks that are dangerously close to the marginability level of $5 to get pushed over by short traders - virtually assured here imo. I think we had many FGH longs - add yesterdy in a virtual last gasp. Many are on margin - FGH is heavily owned by individuals and heavilly margined. A 17.5% retrace from yesterdays support near $5.75 is around $4 3/4's which also corresponds to a push under marginability of $5. On margin - traders who entered at $5.75 will have lost 35% at this push below $5 to $4 3/4's if they were on 50% margin maintenance. That will be where capitulation & blood flows. I would make a nice initial entry there and save some money for margin call selling thereafter. We could see $4 3/8ths or so intra -day. We will get a chance to buy FGH sub $5 - I'd be a taker on any & all "legal" side bets that ANYONE wants on that one (VBG). The individual pain on this one has to be immense - cut in half in less than the last 6 weeks ! Margin on FGH of late has been suicidal - there has to be many people who were completely wiped out on margin if they were averaging down merely during the last 6 weeks - let alone since May - in which the shorts have a 3 Bagger here.

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