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Gold/Mining/Energy : International Precious Metals (IPMCF)
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To: John D. McClure who wrote (11657)6/10/1997 3:35:00 AM
From: Steve Huskey   of 35569
 
I think you are mistaken in your reading of the indicator. You are probably using an oscillator. Just as a quick rule of thumb, only use oscillators in a downtrend as a sell signal, never as a buy signal. I learned this from Larry Williams.

What we have here is a short-term sell signal. It would be a good time to go short.

I believe the correct play here, purely from a TA standpoint, is to sell short to cover at 5.50.

Following the Williams R% (7day) is the correct indicator here. You should see bullish patterns of lows in the indicator (2 or 3 lows that are all higher than the rest) leading to the price rise.

Instead, we are seeing a spike, which after a large price move down is usually what the "bear flag" looks like.

These are the best times to short a stock... ie THE FIRST ONE of these you see after an obvious move down.

You also need to analyse volume. We needed volume of about 500k today to confirm that the downtrend had been broken.

Typical bear patterns are stock price going down on high volume and
going up on weak volume.

For the agressive shorter, that would be now.

If tommorrows action opens at 6.75 or higher and closes around 7.25, then you are right and I am wrong.

Steve
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