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Non-Tech : IOMG just dropped $3.50 in 15 minutes (5 million trades!)
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To: Marie Thorsson who wrote ()9/27/1996 5:04:00 PM
From: Guy Gordon   of 25
 
Marie: Why did you think this question needed a new thread? Have you considered the fact that these thread titles persist? Three months from now, some newbie will be looking at the SI IOMG page and what will he see?

The reason for the drop was very simple. Look at the intraday chart at white-crane.com

What you will see is that, after running up 14 7/8 to 24 1/8 in five days, on 9/26 the price held steady between 25 1/2 and 26 1/2 all day. So some big player decided it had peaked and sold 1M shares. The Market Maker then lowered the price in order to sell those shares.

Big deal. You don't expect profit taking after a 75% runup? You expect a volitile stock like IOMG to run up and never fall? Or maybe (god forbid) you BELIEVED the Technical Analysis dweeb who predicted $29?

I'll give you a hint: You've heard of Warren Buffet and Peter Lynch, right? Where are the big name billionairs in TA? If TA could ACTUALLY PREDICT stock price movements, where to get in, and where to get out, then some TA expert would be super rich, wouldn't he?

TA is used to "explain" price movements after they happen. Sometimes their "resistance" and "support" levels become self-realizing. And that's IT.
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