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Strategies & Market Trends : Position Trading Forum
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To: dj8000 who wrote (7191)12/1/1998 9:23:00 AM
From: Bogeey  Read Replies (1) of 7247
 
Right now with these internet stocks soaring (and falling) based on pure emotion, greed, and hysteria, there is no way to really know what value the market places on these stocks rignt now. ONSL for example...does the market think it is worth 102.00? or 50?..probablly somewhere in the middle, but it has traded at both levels in the last few days. Over time we will see this stock level off to where the market is comfortable with it. Lets say that number is 65.00. At 65.00 you are 35.00 below it's recent high, and if the market goes nuts again, or steadily appreciates, hitting that 102 number again is not unrealistic. On the other end, you will also know that the downside to the stock is near it's bottom ( whatever that will be over the next few days) Basically you can look at the high and low of the trading of these obnoxious stocks over the last few weeks and get a good feel for how low the market will let it go, and how high. Prior to the last two days, did you think ONSL would hit over 100.00 a share? Now you know it can.
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