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Technology Stocks : LBRT - Liberate -- Ignore unavailable to you. Want to Upgrade?

To: advinfo who wrote (258)	7/10/2000 8:01:13 AM
From: eichler	Respond to of 409

Northstar, I don't buy that final move towards the close. On the daily chart, for the third day in a row, we had a higher high and a higher low. Even if you attribute all of the volume in the final 1/2 hour to selling when we broke to the downside on the 15 min chart, that only amounts to 160,000 on a 2.5 mil. vol. day. Not in itself very significant. A very small bag only was passed. <g> The daily chart still looks good with stochastics and ADX pointing to further gains. MACD looks ready to get into the act. I would say that Friday's end-of-day action was typical MM BS to shake out the uncommitted. But I do agree there's lots of distribution going on in general. Lots of overvaluation is still being corrected in the market. Which actually is one of the reasons I like LBRT... from a high (split-adjusted) of 147, I don't think the "hot air" has been put back into LBRT yet. In other words, LBRT is climbing out of the cellar; but from the cellar, I don't believe there could be much downside possible. Seems to me the next big move from here can only be up.... Of course, if the NAZ deteriorates badly from here, all bets are off. And I'm not holding my breath as to the length of the current NAZ rally. Could be a day...weeks...months... Still waiting for the other shoe to drop after April's tumble. From a devious point of view, I think the most longs can be burned with a more lengthy rally, passing time for investors to forget April's costly lesson. Maybe it's time to burn the shorts for awhile...It's interesting that the market tanked with a very high market sentiment and bullishness. Now with record short positions I think a short squeeze is likely until irrational exuberance takes over again. I think the "faking" is to lure investors off of the long side, for now. As you said, We'll see..... Eichler