Kenneth,
hello, hello, hello anybody home on this stock.
I first purchased RMII in April 1998, after not following my brokers advice to purchase MSPG at $8 per share, also passed on GBIX at $5 in Novemeber 1998.
I live in Denver, Colorado RMII, VRIO QWST are my favorite Denver stocks. I am a RMII customer for long distance telephone service and internet service, I am a satisfied customer and have had good customer service with all RMII staff. A friend's son works for RMII and have an invite form Investor Relations to visit their downtown office.
As I'm sure you know, Doug Hansen was CEO of QWST in the early days.
after leaving QWST with a golden parachute, Hansen purchased a large percentage of the RMII shares outstanding at under $2 per share and has been using his windfall on RMII stock, to purchase small companies in expanding his vision of making RMII a national not just a Rocky Mountain company.
With RMII's small float the daytraders have jumped a couple of times, then the market makers or somebody big shorts the stock and it languishes for a couple of months.
Recnetly just above $10 the little upward spikes in price looked like short covering to me, so I think it is ready for another move now. RMII moves quickly when it starts to move and increases in volume now will be the signal I am watching for prior to the next run. Increases in volume and momentum is what moves this stock. RMII rarely responds to news and is now moving up on a negative earnings report.
Fundemently in the long term RMII still needs to build it's revenue base to gain investor confidence. Short term with a small float RMII moves on momentum.
It is currently trading in a range of $10.25 to $15.75 with intermediate support at $11.75, a break above $15.75 would be a major break of the trading range and the MOMO trades will start a buying frenzy for daytrading. RMII has short term support and resistance at $12 and it appears to me we have broken through this $12 support on the upside and this signals to technical traders that the trend is now up.
A close below $12, would indicate a test of $10, but I doubt it. If anyone has any questions on this stock I would be happy to call the company and report back on Silicon Investor.
long and getting longer.....
see ya, going for a hike in the Rocky Mountains this afternoon
John
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