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Strategies & Market Trends : Z Best Place to Talk Stocks

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To: David Fitz who wrote (15757)	8/13/1998 1:09:00 AM
From: DanZ	Read Replies (2) of 53068

SOFT, MLOG, DWRX. David, SOFT has support on the weekly chart at 4 1/2. Resistance is at about 6 1/2. The company has transformed itself recently and looks to be completely out defense contracting. It looks ok for a trade but I wouldn't hold it below 4 1/8 and I'd sell it if it gets to resistance. No comment on MLOG. Any stock that is trading less than $1 is purely a gamble and I don't like to mess with them. I realize that it hasn't always been a penny stock and closed at 1 11/16 today, but it traded at 50 cents last week. What happened to them? I sold DWRX at 6 13/16 and don't know if I will trade it again. Today was the first day in a long time that I saw decent buying interest. I'm watching it for now. It looks like we are going to get a weaker opening in the morning. The S&P futures are down about 8 points right now and Hong Kong is down 4%. Taiwan and Japan are basically unchanged. The yen has weakened overnight and gave up all of it's gains from today. I have been doing more day trading lately because I don't like what's happening in Asia and don't want to hold too much overnight. The Hang Seng is trading at a new 52 week low and less than half of where it was in October 97. The problems in Asia are the first real threat to bringing our bull market to an end. Given what's happening to commodity prices, oil, and interest rates, I think there is a serious threat for a worldwide recession next year. There are some bargains in the stock market but I think it's going to be harder to find them. I don't want to hold long term positions in companies that have problems at a time like this because strong economic conditions won't bail them out. I also think that TA is very important right now. If a stock breaks support, I wouldn't hold it. Chances are it's going much lower than anybody dreamed. Dan

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