WAVX Anyone? Message Board

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Technology Stocks : WAVX Anyone?

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To: Norman Klein who wrote (5961)	3/16/1999 5:57:00 PM
From: Trader X	Read Replies (1) of 11417

It's ok to be concerned about a selloff but... I expect that if there is profit-taking the damage will be limited, and I look for support at 12 1/2 to hold. Besides, stocks do not only go up. A pullback after a rally is to be expected. What is in favor of this stock is the fact it has taken a month for the price to come back to $14, so a good base has been established for this rally. I am of the opinion that today has nothing whatsoever to do with news, but was based on technical factors, since the stock closed above resistance yesterday at 12 3/4. Sometimes the only news is technical in nature. For those who don't understand that, the chart is nothing more than a picture of market psychology, reflecting hopes and fears of thousands of market players. Today the players showed fear that the price would run away from them. TX

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