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Technology Stocks : Siebel Systems (SEBL) - strong buy?
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To: Boplicity who wrote (3727)8/11/2000 1:15:30 PM
From: Boplicity  Read Replies (1) of 6974
 
Failure at the 171 area will reaffirm the right shoulder. It's not the formation or the name that matters to what is happening to SEBL, it's the psychology of the holders behind the moves. A failure at 171 will set up that area as resistance as investors will key on seeing that price not passed. As SEBL drops some of the holders that held from the most recent high, some long, some shorter term, will want to get out after seeing the profits shrink again and again not only in SEBL but in other holdings. One can see the above in the price action of SEBL by how sloppy the chart looks. What I mean by the above, is that there is indecision behind the moves that is being drawn into selling decisions which can be seen in the right shoulder. Sort like this. "Better sell now, I have seen way too many other profits shrink in way too many stocks this year." Also, important, especially with a stock like SEBL where there is really nothing wrong with the company itself, is to have the market questioning valuation market wide. Also, the market tone we are seeing now sets-up an environment that shorts like to operate in, who only add to the selling of the longs as the stock drops. Some of what we are seeing today is short covering by shorts that do not like to carry a short over the weekend.

Greg
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