>>COMS is in the same position it was technically on 29 Sep 98. I'm still looking for a retest of the longer term uptrendline. I expect the usual runup before Dec earnings, but prices have to come down first.<<
Somewhat different because this time we are coming out of a
pennant situation (a turning point situation as we had described
before). Thing is, when a breakout point is reached, where
it could go up or down, isn't some decent volume needed to
confirm the direction?? You don't buy into a breakout without
seeing the volume with it do you?
So today still doesn't give us enough info, IMO. We are in
limbo, and anything can happen still. I'd like to know it
was going down, because I could just sell and rebuy, but
can we all really be sure it's going down much?
Here's a thought: with volume so low, shorts are getting
set up to either cannabalize(sp) each other or be taken out by
a few big trades. This would work nicely to prepare for take
out of $38 which MMs know will be a major battleground. If
there are no sellers (and why should there be if good numbers
are out already, and COMS keeps coming out with proper
press releases and manages expectations properly), then
it's a long ways down to 30 on no volume, and someone is getting
set up. Sure you may have a buying chance, but it will
be brief and lows will be higher.
OTOH, the market may be waiting for Nov 17 which is FOMC
day. Since the market looks better now, many are thinking
that the FED won't ease, and this will create a potentially
good buying opportunity. Lots of folks are hoping
for this type of bargain day.
good luck ya'll,
joe |
