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Non-Tech : Any info about Iomega (IOM)?
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To: Brian Lempel who wrote (8181)10/3/1996 12:37:00 PM
From: Jeffery E. Forrest   of 58324
 
To All > about GAPS (windows). When IOMG gapped up on vol on the 25th that was bullish- a gap on vol. when a stock is coming out of a basing pattern is bullish. If it Gaps(window) on a downtrend or after a prolonged uptrend thats bearish > watchout.

I loved the gap on the 25th, it was small (1/4) but like I said ,a good sign. What disturbs me is the key reversal day on the 26th. Japanese Candlesticks calls this a dark cloud cover, Western a Key reversal day, whatever you want to call it, it ain't good.

On the 25th we have a long white candle with a gap on the open - that is usually a good sign - the gap will probably be tested, but with the vol. should be a level of resistance. (If we have a close BELOW the gap, run away!)

The problem is the next day-the price opens on a big gap on BIG vol., runs to 27 then reverses and closes below the previous days close.(black candle & dark cloud cover) It closes not quite halfway down the previous days white candle which is inconclusive, but not great either. (the further down the white candle(25th) that the dark candle closes(26th), the more bearish it is. Ex.-If it had closed below the opening price of the 25th it would be VERY bearish.)

Then on the 27th & 30th we have two "shooting stars" and on the 1st & 2nd we have two hammers which are bearish in an uptrend (bullish after a prolonged downtrend).

For these reasons I see the Gap of the 24th-25th being filled, which is not good on the short term, but necessary for the long term health of the price action. Thats why I have some puts to protect my long shares. I think we'll see 18 or below on the short term at worst and a trading range of 20-25 at best.
Hope this helps
Jeffey
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