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Strategies & Market Trends : Stock Attack II - A Complete Analysis
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To: StockOperator who wrote (37041)6/14/2002 9:46:40 AM
From: StockOperator  Read Replies (1) of 52237
 
Just how low is low? How far down can some of these stocks go? Anyone that has spent any serious amount of time with TA has seen charts of prices that have seemed to go up forever, only after some point to reverse and give up that entire move. Similar to my comments the other day on CIEN. From 10/98 to 6/02 a 100% retracement. Why beat this horse into the ground. Because if you look at the entire picture on most stocks out there you realize just how ugly this market can get. An example would be PMCS. The stock is currently trading at $11. Btw, this stock, as well as a bunch of others (SFA) is just beginning to accelerate into a fall. Anyway, if you go back far enough on PMCS's chart you will find that prices traded under a BUCK back in 94. Is that where this stock is ultimately going? Who knows? Can anyone honestly say what this stock is worth. Thats not my forte but I can tell you that a 100% retracement is a definite possibility. What about SFA which is trading at 17. If you go back far enough you will find prices trading under $1.5. Now don't get me wrong my intent is not to keep people up at night. But I take the subtle clues that the market gives very seriously. The fact that CIEN has chased its old lows is enough to keep that thought on the forefront of my trading. Oh yes have you seen CMRC lately? Trading today at .60. Go back to the IPO in 99 and you'll find a low of $4.40. So there are cases of even a greater retracement.

Food for thought.
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