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Technology Stocks : American Power Conversion
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To: David W. Taylor who wrote (2538)11/21/2002 6:16:10 PM
From: Paul M. Rengier  Read Replies (1) of 2574
 
There is no need to argue with the permabulls. I would like to join the bulls, but APCC is now overvalued and strongly overbought. The weekly chart stockcharts.com[w,a]waclyyay[pd20,2!b50][vc60][iUb14!Lh14,3]&pref=G shows unusual 7 full up-weeks without a breather. At least a technical correction is in the books.

I´m thinking about taking a temporary short position @ 16.50$ tomorrow. Target 14$ . Seems too low? Yes, but this is only a 33% retrace. Target 12.83$ would be a 50% retrace, which is more appropriate after such an incredible run. Don´t forget: traders lock in their profits before the weekend.

If you want to stay long, selling covered calls could be a good idea. The December 15 call should expire worthless and gives around 1.50$ premium.
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