Mark, your comment on APCO got me thinking. I remember your note on this, went back and found it:
To: +danny brown (4067 )
From: +TATRADER
Thursday, Jan 22 1998 9:44PM ET
Reply # of 6631
"danny, I am still negative on APCO...If i calculate right there are about 3 million shares of overhead in the 7.25-7.50 area...In my opinion when we moved up today, it wasselling that occurred not buying....I see a flagpole formation, with an ascending flag...As
you know,an ascending flag is bearish...When we pull back, I have first pullback area at 6.62, followed by 6.12-6.35 area, and then my long-term target of 5.75-5.87....If you check out the envelope channel, it is from 7.02 to 6.35, so you see I expect the stock to
move back to my target areas very soon...Bollinger Bands give a similar reading of 7.15-6.22....Good to hear from you...".
Looking at the chart, if someone had followed your advice and closed out their position, they would have missed a 100%+ move up from $7.00 to almost $15.00 over the next 3 months. Now, to be fair to you, I think that you were only focusing on the very short-term, ie, 1-2 weeks, and if this is the case, yes there was a temporary pullback which only served to flush out weak hands. Doug's "attitude" stocks are not very short-term calls, rather they are intermediate calls, and in the case of APCO, he was correct, it did have "attitude".
Best regards, Jan |
