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Strategies & Market Trends : Dave Gore's Trades That Make Sense
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To: Softechie who wrote (731)1/12/2002 12:59:06 PM
From: Dave Gore  Read Replies (2) of 16631
 
Softechie, on looking further at the chart of ACF, it does not look good if it retests and breaks the low of 24.45 set Friday. When stocks take a turn for the worst, like SLR did about 3 weeks ago and IMCL more recently, it is often best to stay away for several days, at least, unless you are nimble and want to play the intraday bounces.

Often there are several legs down, each followed by a small bounce. The bad sign about ACF's chart is that sell volume is still high and money flow is quite negative. It very well could have one more serious leg down unless there is some good news soon.

I am not sure if I will try it for a quick trade next week or not, and I would certainly not enter into a trade until the selling momentum turns positive again. SLR did just that a couple weeks ago and made a good trade to $12 from $9.85.

The one good thing, of course, about this stock is its low PE, which makes it more enticing than IMCL if it dips far enough.
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