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Strategies & Market Trends : Momentum Stock Plays
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To: gentry200m who wrote (244)7/15/2001 6:17:33 PM
From: FLACK  Read Replies (1) of 270
 
>>One I'm really not sure what to think about is SMTF<<

I can see why.
This jumpy monkey is for the bravest among us.
I put its chart next to that of the NASDAQ...
since the NAS low and the SMTF low of 5/30, the NAS
has made lower highs and lower lows, while SMTF has
made higher highs and higher lows.
It wants to move up and Thursday's volume and run is
a further indication of that. Friday's volume wasn't
too shabby either.
Ordinarily, if we were in a bull market, I'd expect to
see a small retracement following Thursday's long range
day and then another leg up during next week.
Also a hold in price above the 200 should show up
on the screens of many of the institutions and become
an automatic buy.
However, it looks like they have been in the mood
to trade this one for the past few months, running it up and down 4 to 8 points.
I think you'd have to be fast to play this one.
I'd be inclined to short it if it shows a dark-cloud day...
or falls through about 34.5

>>I know I'm way out of line saying this, but if
I could offer advise to you (or anyone else) in regards
to the breakouts it would be to focus on the % of
average daily volume. If its heavy on the breakout,
it's worth a shot. The odds of success are so much
greater than when it's not.<<

You're not out of line at all and I agree totally.
I'm just so use to looking for the opposite indicators,
that it takes some mental adjustment on my part :-)
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