Creative Computers(MALL) Message Board

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Technology Stocks : Creative Computers(MALL)

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To: Tom Hua who wrote (483)	11/23/1998 7:04:00 PM
From: SkyDart	Read Replies (1) of 1634

<<Looks like a blowoff top<< Nope, because blowoff tops which signify the end of a big upward move usually have the following characteristics: 1). Stock closes way off from the intraday high or reverses by close. Today we saw the opposite in AMZN, EBAY and MALL; These stocks closed darn near the intraday highs. 2). Stock has peak volume day. Today MALL trade 3.3 million, nowhere close to the high of 10 million a few days ago. YHOO traded 10 million, not even 1/2 the recent record of 25 million at the beginning of the move. 3). Investors overwhelmingly bullish about stock. Lots of people advocating shorting the internets; disbelief at their valuation; in short "a wall of worry". Conclusion: So we don't meet the criteria for a blowoff top. With the gaps, and building volume, it seems more like a "continuation pattern". Recommend my favorite books, "Trading for a Living" by Dr. Elder [psychiatrist] published by Wiley and Sons and "Technical Analysis" published by the New York Financial Institute. Good Luck, Jeff

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