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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Mike McFarland who wrote (25462)	3/5/2000 12:16:00 AM
From: j g cordes	Respond to of 68417

Hi Mike.. SNAP's a nice problem for me tonight, can't sleep. SNAP's investor attraction is its human receptor-targeted drug design technology that 'might' "be used to discover and clone genes used in treating specific disorders. For the nine months ended 9/99, revenues fell 78% to $1.8 million. Net loss totalled $11.3 million, up from $3.8 million. Results reflect the absence of a $2 million non-recurring license revenue and contractual terminations, and higher rent expense." Fine, its in the hot sector of biotechs, but its chart has only recently jumped which I would attribute to positive statements in the CTStock letter noting SNAP's patents are compelling. Often this type of recomendation will pop a stock's price followed by momentum profiteering taking the price back down. A closer look comparing SNAP's 1 year performance with the Nazbiotech index is more revealing.. note in Sept how Prudentials downgrade tanked the stock. finance.yahoo.com The thin float on SNAP makes it particularly vulnerable to analysts' changing opinions. Technically support is 7-10 area with resistance near 17. Your owning it at 13 will whipsaw your expectations until it gets a broader following or makes a news splash... ps. the stock letter was throwing around prices near 90 if all goes well, but it never broke the old high meaning some are just as happy to unload having gone through the Prudential slump.