Sili, what do you mean by 'in hindsight'? I predicted that top at the end of March when the chart formed a pennant (top of pennant about $17, bottom about $12) but I posted ON the 8th, the EXACT day it hit $32.35 so don't say it was in hind-sight because it wasn't. I trade strictly by technicals with internet stocks because fundamentals went right out the window around December, these stocks are now only driven by greed and speculation, there is nothing more to them. IMO there is no difference between .com stocks and charts of junior mining companies of a few years ago except they traded in pennies while .com stocks are in dollars. Perhaps Mark Pavan of Yorkton (the company which financed Bid.com) said it best himself below, incidentally, Yorkton used to finance most of the junior mining plays on the Vancouver stock exchange a few years back, that is until gold turned to mud...heh heh.
Monday Nov 23 1998 1998-11-20 close $2.31
The Financial Post reports in a Hot Stock corporate profile in its
Saturday edition that Bid.Com International runs an Internet-based auction service, but lately the most frenzied bidding has been in the stock market, where high volume trading has sent its stock soaring. Reporter Ian Karleff says the company's shares have defied all valuation models, based on current fundamentals, climbing to a high
of $3.50 on Thursday, up 483 per cent from their 52-week low of 60 cents in mid-October. The stock fell seven cents to close at $2.31 on Friday. About 28.8 million shares traded this past week, compared to Bid.Com's total outstanding shares of 32 million. Mark Pavan, technology analyst at Yorkton Securities, the brokerage behind
Bid.Com's three equity financings, rates the stock a "buy," without the confines of a target price. He equates the Internet mania with the goldrush days, with everyone trying to stake their claim, in an industry in which nobody has yet to emerge as
a leader. |
