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Strategies & Market Trends : LastShadow's Position Trading
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To: xamir who wrote (2130)11/5/1998 8:50:00 AM
From: Jay Lyons  Read Replies (3) of 43080
 
Downgrade Strategy (4)

Symbol  Close     Open     Low       High
PLAB    20 9/16   16 7/8   16 7/8    18 1/4
DURA    12 3/8    9 3/4    9 3/4     10 15/16
BSX     46 3/8    40 1/4   40 1/4    43 1/2
APPB    19 11/16  17 3/4   17 11/16  18 1/2

APPB    19 11/16  17 3/4   17 11/16  18 1/2
CEXP    11 1/16   7 9/16   6 11/16   7 5/16
ORTL    12 3/4    11 3/16  9 13/16   11 1/8


I'm still seeing the same pattern..the strategy may be tradable if we get a hard gap down. HRMN, HMN, CNA were also on BRIEFING...they didn't Gap and only CNA would have been playable. These three stocks did not have much volume either which makes me think we are looking for stocks with institutional ownership...managers looking to add to their position at sale prices. When I played WEN last week, I was amazed at the size of the blocks going through.

In addition to the gap down, look at the first group of stocks. They open down hard, but they don't keep falling after the open. They stall and then start up. FHCC off of yesterday's list was the same. This might be the key to look for. If the open is the bottom, then we don't have to guess where the reverse is.

So...
1. Hard Gap down
2. No further drop
3. Large volume

Bear in mind that the market is in a buying frenzy. It was just three months ago that TOM beat expectations and the next day it was flushed down the toilet. Yesterday it beats and heads for the moon.

Probably by the time I get comfortable with this, the market will have changed and it will all be for nothing.

Jay
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