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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank
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To: Jenna who wrote (90140)3/25/2000 10:07:00 AM
From: Doug Robinson  Read Replies (2) of 120523
 
PLUG-Actually the date was 11/30 and the volume and price action was a result of coverage being issued by Goldman (chief underwriter), Merrill Lynch and H&Q at the end of the quiet period. As most of us know, many stocks will shoot up and exhibit this form when coverage is initiated by any of the big underwriters. Interestingly, this is one of a very few stocks whose closing price when issued on 10/29, never saw a lower closing price since. It matched the $16 the next day and has never seen it since.

Personally, I use candlestick patterns in my charting. I'd be quick to add that this pattern, while a very good one, doesn't by any means indicate that other stocks will follow the PLUG example, as I'm sure you would agree. Over any period of time any number of stocks will show a Doji breakout and you can find a lot of them that are a lot lower today than they were when the showed this pattern. I mention this so that anyone not familiar with indicators doesn't go blindly investing their money when they see this on a stock chart at the end of any day. I sure wish that wasn't the case because it would certainly make investing easy. Of course, if it was then everyone would know about it and in every instance the stocks would run to the moon.
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