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Technology Stocks : Open Market (OMKT)
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To: ZombieMike who wrote (820)12/19/1998 3:26:00 PM
From: Rob  Read Replies (2) of 2004
 
Zombie:

I respectfully disagree with your last comment: "when a stock drops this fast, overhead supply can be a tremendous impediment to upward mobility. Espeacially with no fund support. I may be wrong, but this one is starting to look like a NASDAQ roach motel."

That's technically true when a stock drops fast from a long period of sustained higher prices, but not when a stock makes a squeeze spasm from 8 to 27 and then retreats. In fact, I think the two big surges the stock has made this year are essentially bullish in technical terms. Bulls on the stock realize the potential of a powerful, fast move; bears on the stock short it at their peril and so many won't.
I think funds are stepping into the stock right where it's trading. I watched it trade all week from my trading desk and saw some rather dramatic volume surges - probably clutzy buyers, because the price went up, not down - followed by concerted efforts by MM's to get things under control (which wasn't hard because the stock couldn't advertise the move with all the other news going on). Conclusion? This stock is in real good shape. Speculative money is flowing in and out of it, for sure, but it's got a really good base forming here above 11 or so. I think it could go to 16 or higher in the short term. FWIW. Good luck. Rob
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