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Strategies & Market Trends : Rande Is . . . HOME -- Ignore unavailable to you. Want to Upgrade?

To: Joe Smith who wrote (32585)	8/21/2000 5:41:00 PM
From: Mark Konrad	Respond to of 57584

RBAK...Joe, this is tough because I'm going to try to be objective even while playing Monday afternoon quarterback. If I had charted RBAK over the weekend, I believe this is what I would have written: RBAK-147 1/2, sw, near OB, short-term trendline support at 147, SP 144, 133, 115, longer term trendline supp at 125. Pushing right against declining tops line from June highs of 180; currently at apex of small wedge formation. Breakout to 155 area would cross DTL from 180 and be very positive while a decline from 147 and through 144 would confirm OB status and signal further downside. Slow-moving stochastics are currently OB and turning negative. Sell stops just below 147 and 144 would not be a bad idea. After today's results (close at 137 15/16), I'd exit or take profits if I held any long positions and wait to re-enter at or near support points of 133/125 or, preferably, substantially lower towards the 115 area. This could be done in stages but does involve trying to catch the proverbial "falling knife." Stochastics and an increasing MACD will help determine when a short-term bottom is in for conservative new long positions. All in my opinion, of course, but I hope this answers your question!--MK--