Pat, these were your words.
>>>IOMG has been in an uptrend since Labor Day.<<<
IOMG was in a trading range from Labor Day until the 19th. Then we get a SPIKE for a 5 days. I don't consider that a TREND.
(actually its been in a 14-17 trading range from late July until Sept. 19th. Not a bad little base and much needed as well.)
>>> pulled back but hardly a reversal. Did not break the uptrend<<<
The Reversal Day is very clearcut-go look at Sept 25-26 on a chart. It opens the 26th on a gap, runs up on vol., and closes down on BIG vol. Looks like a reversal day to me, and yes it broke (stalled?) the price move.
Until it breaks 27 1/2 then it hasn't erased the technical damage of the 26th. When I say a Reversal Day I mean a Technical reversal, I don't mean it has to go back to 14.
A reversal day is significant, not to be ignored. (I have to look at my charts tonight>todays price action "may" have done a lot to "heal" the damage.
>>since 10/2 IO,"pretty much", made higher highs and higher lows<<
Actually it made lower lows and lower highs from the 3rd until the 10th then we had a little spike to 15 and repeated the cycle until the 19th.
Maybe you SHOULD look at charting. It's alot of fun, gives you great entry and exit signals and best of all it got me out of IOMG at it's highs in mid and late May.
BTW relative strength doesn't mean a whole lot without EARNINGS. Its only had an RS of 99 since about the 23rd. If Earnings were at 99 too, "that" would be exciting.
>>> BTW Iomega was $4 in Feb so we are in a long uptrend <<<
Actually in Feb IOMG was between $7-8 for most of the month. It was at $4 back in Sept, Nov 95.
This "could" be construed as an long-term uptrend,depending on your perspective.
I still have 1000 shares left that I bought in late summer/early fall of 95, so at a little more than 5 times return on my money, I see an uptrend.
Try telling the poor folks that bought at $30-40-50 that this stock is in an uptrend.
I would be more inclined to say with this stocks volatilty that it doesn't have a trend : )
Thanks
Jeff
Todays action was interesting. Tomorrow should be BIG fun. I'm hedged with PUTS in case they tank and got my 1000 shares and some DOOM CALLS in case of the dreaded "short squeeze".
I hope you're positioned well. |
