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Biotech / Medical : IMAT - ultrafast tomography for coronary artery disease
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To: James Strauss who wrote (2352)4/6/1998 4:04:00 PM
From: Bruce Rozenblit  Read Replies (1) of 3725
 
Here's my TA postmortem. Last week the news was out about the new studies and traders bought in anticipation of a big pop today. The stock peaked in the first half hour and then started stair stepping down all day. We will end up with less than 1/4 point gain. There wasn't enough follow through to get the momentum players to run it up like they have several times before. We get the same type of chart patterns over and over again (at differing magnitudes) because the same things keep happening. The charts are records of human behavior. Every time this happens, rookie investors get sucked in at the top and then they sell first chance they get. We still have an overhang of people that bought at high prices and want out. When the short term traders saw it wasn't going to blast off after an hour, they started selling. Don't buy this stock on a rally, you'll get hung out to dry. I'm happy with the gain and the stock is firming up.
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