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Gold/Mining/Energy : Valu-Net Corp (VNE on ASE - was Faymar)
VNE 36.950.0%Apr 1 5:00 PM EST
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To: Jebby Jiggs who wrote ()2/7/1999 4:36:00 PM
From: Steve Kirk  Read Replies (2) of 974
 
Stocks which are closely followed and recommended by numerous internet groups tend to be over exaggerated both in their upward and downward movements. This appears to be the case with VNE.

Had this stock closed in the 1.80 area with the lows of the day nearing 1.60, together with lower volumes, this would have suggested that after another day or two of consolidation at these levels, a new upward trend could have be expected. This would have fit in with the traditional "classic" pattern that I had mentioned in the last posting.

However with the 1.59 support level being breached on Friday's close, Monday's closing prices can now be expected to range from 1.23 through to 1.59 with the most likely close near 1.32. The immediate trend should be bearish for the next several days. Volumes should likely begin to level out with volatility reduced accordingly. Bargain prices would include any buys less than 1.32.

The next upward trend can now be expected to be delayed for about three to five days while everyone, including myself tries to gauge investor sentiment. The breakout closing price is now 1.60 with increased volume.

While my programs still continue to show the long term condition of the stock to be bullish. I must say that unless this stock begins to follow expected and somewhat predictable trading patterns in the next several days that I will be questioning why I'm still in the market. Til then I still think this company has a lot of upward potential.

Cheers,

Steve
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