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Strategies & Market Trends : Lizard King's Trading Swamp
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To: Robet Butkus who wrote (3617)12/30/1997 7:20:00 PM
From: Jimmy Dell  Read Replies (1) of 7396
 
ITEQ is looking excellent. Nice bounce from the day's low and it closed at the high. Volume was the third biggest since mid-July. I've been following this one for some time and bought some today when I saw the bounce and the enormity of the volume.

I agree with the sentiment that it's best not to get too wrapped up in dry, mechanical technical indicators. Fundamental factors are important in addition to T/A. Companies with great fundamentals such as ITEQ often, after a big rise, go through a period of consolidation with a slight downward slope on the chart, especially if the overall mkt is bad or if end of year tax selling is going on. This does not indicate a sick company.

ITEQ reminds me of ABTX - great fundamentals and growing through accretive acquisitions. ABTX has had its periods of seemingly poor looking charts (Sept. - Nov., e.g.). Best not to get too wrapped up in T/A when analyzing co's such as this. On another thread, some T/A experts analyzed RADAF after its post-earnings plunge to the 13s. It rebounded to 15 and they said its going back down to 13s, based purely on technical indicators, then up to 20s. 13s never happened again and it doesn't look like it will now. With its compelling story and fundamentals, I'd be amazed if RADAF saw the 13s again, though stranger things have happened. This certainly could happen if there is a huge mkt crash, but to predict that is pure guesswork at this point.

The point is that to focus on one way of looking at stocks to the exclusion of other outlooks deprives one of valuable and necessary analytical tools and can result in missed opportunities or bungled trades.
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