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Gold/Mining/Energy : Manhattan Minerals (MAN.T) -- Ignore unavailable to you. Want to Upgrade?

To: TrueScouse who wrote (2632)	6/27/1999 10:36:00 PM
From: Not_Active	Read Replies (1) \| Respond to of 4504

If I see a failure at the high as bearish, its really bearish strictly in the short-run. Under normal conditions with a stock that is "in play" like MAN (with lots of future news due out), a failure at the high usually just means a retest of the recent lows, which in this case would be the 6.10-6.15 area. The trader side of me would lighten up at the top (on a 2B) with the idea that those same shares could be bought back at support. Of course, you have to be ready to change your mind and buy back immediately if the market tells you differently -- I have seen 2B tops that quickly reverse (in other words, a fake 2B), so a buy stop at a tick or two above the 2B is good insurance. I don't necessarily think the 2B scenario is the one with the highest probability -- just wanted to point out that if it does happen, short sellers (who mostly tend to be technical traders) will be all over MAN for at least a couple of days, especially since its one of the few mining plays with any significant volume. With a dollar to the downside and perhaps a quarter risk to the upside, the 4:1 reward:risk ratio would be attractive to many, especially given the stocks low absolute value. However, the astute among them (in other words, the ones with the real money) would start covering at the bottom of the 2B, which is why support often holds. This is certainly not like January, when the stock was very thinly traded and could be forced down beyond support with a few thousand shares. Anyways, I just thought that I would post some thoughts before the action tomorrow. I sure wouldn't want to be accused of analyzing the price action after the fact! :o) Trade Well ..... Kacy