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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Jon Tara who wrote (2924)11/13/1997 5:09:00 PM
From: Thean  Read Replies (4) of 95453
 
An example of why TA works. MDCO fell off the bottom Bollinger Band near midday and it violates the BB BIG TIME. I started entering buy orders at 24.5 but it kept tanking and I had to reduce my limit each time, breaking below the low established on the Grey Monday. This was a classic case of panic selling and possibly MM moving down to clear all stop loss entries below $24.5. It lasted all but 4-5 minutes and MDCO moved back up strong. At the end of the day, MDCO closes above the bottom BB - this is what I call support. Stop loss trigger price should never be entered at a price so far below the previous day close.

Overall the drillers still closed down today. The late rally may carry over tomorrow but the bottom has not formed yet according to TA. Two more up days and the bottom will likely be rounded out. I will watch my positions very carefully the next few days, especially tomorrow which is a Friday. Will take profit and go cash again if this snapback is not sustainable. We are technically not out of the wood yet, folks.

Jon - I entered a market order at 23 3/4 but it executed at 24 3/8. Waterhouse will hear from me on this. I made the mistake of not using DATEK at that window of opportunity. I have both Waterhouse and Datek accounts.
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