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Microcap & Penny Stocks : Teletek: Big Earnings About To Be Posted
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From: David Luckie3/20/1996 1:10:00 PM
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I'd say this morning is about as impressive a correction as you'll see in TLTK. More than a 3 point drop in about a half hour ought to have put some blood in the streets. This ought to be an important lesson for people who place these kinds of orders--if you don't have the guts to whether short term down-ticks, you should be buying treasury bonds and utility stocks.

I suspect that the precipitous decline of this morning is driven by margin buying and stops that are too tight. These kinds of long positions work like a short squeeze in reverse. There was no order in the decline at all, and since the stock hasn't consolidated in more than a week, the only support level established was in the 6-1/2 range. Since it wasn't there long last week, that's weak support at best.
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