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Biotech / Medical : IMAT - ultrafast tomography for coronary artery disease
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To: Lee Kennedy who wrote (2468)5/16/1998 7:30:00 PM
From: Bruce Rozenblit  Read Replies (3) of 3725
 
I think it was a reflex rally. The stock bottomed at 2 1/4 on anticipation of bad earnings which we certainly got a heavy dose of. Then buyers came in when the news was released and the stock didn't drop any lower indicating a firm bottom had been reached. It has bounced off of 2 1/4 several times before. I would not be the least bit surprised if most of these people are out when the stock bumps up against $3.

The chart patterns keep repeating at differing magnitudes because the same things keep happening. Until we get into positive earnings territory, the stock will just be used as a short term trading vehicle to make a fast 20 to 30% and the rookies will get hung out to dry when they buy a day late after the rally. That is what I think keeps generating the overhang. Too many people buy in at high prices after the pro's are out and then have sell down until it bottoms again and then the process repeats.

I was hoping that by summer, we would finally break through that barrier. After starting 6 shots over par, we need a lot of eagles just to get even with the board. HeartScan still needs to increase revenue by nearly 300% to stop the losses. That will take a miracle or several years if we are lucky.
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