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Biotech / Medical : ABTI Alpha-Beta Technology
ABTI 0.200+99,900.0%Jun 17 12:34 PM EST
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To: Rosemary who wrote (99)5/28/1997 8:25:00 PM
From: Wayners   of 572
 
Rosemary,

I just checked with Zacks. There are 4 strong buys and 1 moderate buy. On 4/28, Montgomery Securities put it on its buy list. H&Q put out a strong buy on 4/10. UBS Securities put out a buy on 3/24 and Vector put out a buy rating on 3/14. I'm not sure what the difference is between a buy, moderate buy and a strong buy. The data seems to conflict. I go by the 4 strong buys and 1 moderate buy because that report is updated weekly. I remember one of the reasons I bought ABTI was because there were 4 strong buys out on it at the time. The unfortunate thing is that I think the more strong buys out means the closer you are to a top. Analysts are contrary indicators.

I don't think you are going to see very much action in ABTI short term. I dropped my call buyback order entirely this morning. 3 day moving average crossed below 12 day moving average again. Solid flat lower bollinger band providing strong support at $8.50. Intraday, could see a brief move below the band to $7.75 to $8.00 but who knows. Stochastics and moving average crossovers indicate a little more downside potential, but not too much more. There would be very strong resistance at $7.50 and with the news upcoming at the end of June, I think the downside potential is very limited. I want to squeeze as much as I can out of those written calls to lower my basis as much as possible in advance of the next upside breakout--probably in very early June, like June second. How's that for a specific prediction?

Wayne
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