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Technology Stocks : Applied Innovation (AINN) - Network Mediation Systems
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To: Loren who wrote (208)4/25/1998 4:20:00 PM
From: Doug R  Read Replies (1) of 468
 
Loren et al,

The way I see it, there are 4 plausible reasons for the drop.

1. Too many technically oriented eyes watching that ascending triangle tick to the downside Thurs. afternoon.

2. Like Mike D., a large holder may have shifted to a correction oriented holding. Simple, but large, profit taking that triggered a cascade of stops.

3. A large short position thrown at it.

4. Something fundamental went awry.

It may have been one of these or a combination.

From where I stood at the time, I moved based on the triangle break. That was well above 9 and the selling continued after I was out. A trendline was broken on an intraday basis on Fri. that now makes me very cautious. If reason # 1 is responsible, AINN will return. There was ALOT of SI $$ in AINN from the low 7's and it was the absolute proper time to take profit when that triangle broke. The avg. daily volume was 67,000 per day when most of us got in and the recent block buying and heavy volume showed institutional interest was swinging in. The market has technically verified the high probability of a correction of about 9% is in the early stages. If AINN is still on track, it will be among the first to come back so that's what I'll be looking for. The purpose of a correction is to remove excess. Stocks that don't deserve the uptrend they are on before the correction, don't return to it after the correction. If AINN's chart shows me that investors believe it deserves the uptrend it's on, I'll buy right back in.

Doug R
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