stockcharts.com[H,A]DACAYYMY[DF][PB50!B200!C20!D20,2][VC60][IUD20!LF!LL14!LB14!LA12,26,9!LH14,3]
...we all have our favorites--there are plenty of perpendicular atrocities out there--but one of the things I like about your Priceline chart is the way that sanity seemed gradually to be taking hold after the initial run up, only to disappear just before the crash. You know that somewhere out there, amidst all those millions of shares that changed hands, there's somebody (probably reasonably intelligent, maybe even brilliant at his or her chosen vocation) who bought a lot of it at both tops.
There's a chart in Gerald M. Loeb's BATTLE FOR INVESTMENT SURVIVAL, entitled "Romance Overdone," that tells the story of Technicolor, a glamour stock of 1930 (NOT 1928). If you've never looked at it, Technicolor reached 86 1/2 in 1930, and fell to 5/8 (that's five eighths) by a year later - then crawled all the way back to 34 over the next six years (before seesawing back again). Of course, there are other stocks that have undergone moves like that over the decades - something rarely explained to new investors encouraged to think long-term and average down. Still, 5/8 to 34 is pretty impressive. I'm wondering if we might see something like that among one or a few of the surviving Nets. |
