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Non-Tech : Invest / LTD
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To: bw who wrote (1648)8/9/1998 3:10:00 PM
From: Thean  Read Replies (1) of 14427
 
What we had on Thursday and a continuation on Friday was definitely a dead cat bounce from those stocks which have been depressed for a long time, especially the mid and small cap stocks. I look at a number of charts for selected stocks I follow and saw that quite a few of them close near their respective midline BB after being detached from the lower BB. If on Monday and Tuesday these stocks cannot break the midline BB and head back down, then the bear trend continues. However, if they manage to close above their midline BB's then we may see the continuation of a short term rally for these still depressed stocks. The large caps which have held their grounds well the past few months now are under pressure as people begin to take profit. Those big caps with exposure to Asia will continue to be under pressure, especially the consumer non-durables.

SEV - it closed at midline BB. I plan to sell first thing Monday morning to protect the 17% profit in one day.

FLC - the resistence is $17. The drillers may give it another go on Monday especially if oil price is decent and I will set stop slight above 17.

FGII - another stock closed at midline BB.

INHL - resistence still at $30 and it could not penetrate its upper BB. Will be stopped out if they make higher high.

SCTR - I will sell Monday if it drops to $30 - 30 1/2 where I see support. It will likely make a bounce after that I will reshort.

MU - this one is totally unpredictable and I will not bet anything on it. Once the option at the money premium runs low like in a week from now, I will try to do a long straddle.

CL - it is now turning the corner and its support on Monday should be at around $86 unless we have another Grey Monday.

PNU - another one of my puts. Support Monday should be around $45.
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