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Technology Stocks : 3DFX
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To: Hal Rubel who wrote (5104)7/7/1998 4:03:00 PM
From: Piranha  Read Replies (2) of 16960
 
<< Few buyers on a low volume day with the SOXX down too.

I see no evidence of motivated sellers. What sellers there are, are a Mystery to me in that I have to ask myself whether they jumped or were pushed. >>

I noted that the volume was really nothing to speak of until AFTER the price dropped below 16. That's when the volume really picked up, and significantly. The typical behavior I've noticed before is: sell stops execute when we pass a point- or half-point mark on the way down, which drops the price further and creates a sell-off that triggers yet ANOTHER stop, etc. In today's case, it seems that BUYING stepped in when we dropped below 16, so it appears to be a strong support point. This is reassuring in that we're at what feels like a bottom. What bothers me is no concrete sign we will ever move significantly OFF the bottom.

Still lurking,
Piranha
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