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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank
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To: Glenn Duncan who wrote (116946)11/17/2000 8:21:33 PM
From: Jenna  Read Replies (1) of 120523
 
CMRC was a short play today, it was only a CONTINUING short for those that were already in a short position. The 9:09 read was for those were short or might go short at the open or near the open. There were quite a lot that went short CMRC at the morning and they did well. The point being that this was not a LONG PLAY, or that the downside was already done. CMRC reached a 13 week low on a very bearish price gap and continued crap.. If it recovered somewhat, it doesn't preclude it continuing to be a short play on Monday or longer.

Just like 'large cap belwhethers' are barometers for potential market recovery so are longer term short plays barometers on select short covers. VRSN was another "temporary" recovery today and we had a number of them. Perhaps a good example is AGIL, also down today but recovered enough for a profitable trade.

CMRC's recovery was not in the cards at 9:09 and down in the first reversal period it moved down even more in what was called a bearish runaway gap to the downside. For the future, I can see a possible bounce on Monday, but what happens to these companies is that when they fall TOO FAR, sometimes there is just too much supply piling up and not enough demand. When they recover temporarily all those still in the stock want to limit their losses so a bottleneck comes about whereupon demand dwindles again.. and supply increases leading to another short set up. Its happened so much lately.... even on belwhethers.
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