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Non-Tech : RAINFOREST CAFE
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To: Terry Audette who wrote (1028)10/19/1996 12:21:00 AM
From: Candle stick   of 4704
 
Hey Rainsters! A word of caution. Todays price action is known as a hanging man day in the candlestick charting world. When this occurs near the highs of a protracted upmove(as is the case in RAIN), it almost always signifies a decent correction in stock price. This, coupled with the 2 other bearish signals I have gotten over the past week (my own concoction based on moving averages and volume+momentum) tells me that I must go short as much as possible at this point. This is a combination of signals that work 95% of the time. Thats as good a bet as you will ever see. My calculations say a retrace to 28-29 will happen soon (based on prior declines this stock moves real fast when the selling starts), and if this area does not hold then we will retest the 20 dollar area.
I like this company, but the stock is definitly way ahead of itself. If you want to add to your positions I think it best to wait a couple weeks and save yourselves a little pain. Too much of the future is already priced in and there is little more to do but wait and see if the company can produce what they claim--that could take months or even a year--during that time Rain will most assuredly drift lower as people tire and take their profits. Hang in if you must, but the last piece of my short position goes out on Monday.
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