The 56 Point TA; Charts With an Attitude Message Board

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Strategies & Market Trends : The 56 Point TA; Charts With an Attitude

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To: Doug R who wrote (25712)	2/5/1999 3:12:00 AM
From: Lawrence Burg	Read Replies (1) of 79269

NETM a question from my post on that board... If NETM bought back 2M in Q498, I'd be willing to bet they did it all by Thanksgiving. Saving some money for Christmas & Hanuchah (sp?) Not likely look at the chart. After a strong run from the $1 low in early October, performance fell apart after Turkey day. Assuming they stopped 30 November, that means 40 trading days to buy 2M shares, or 50K per day. With an average volume of 600K/day, that means about 8% of the volume should have been theirs. Pretty decent amount at first glance, though I don't know how such action typically affects stock prices. I know NETM has been on your radar. What's your opinion on how the buyback (which was expanded again today for another 2M) affects the statistics? I show resistance (falling) right at today's peak of 2 15/16. Support (rising) at 2 1/16. Bullish breakout at 3 1/8. Exit consideration on a drop to 1 7/8, though the improving FA doesn't make this too likely IMO. TIA LB

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