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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: kodiak_bull who wrote (40541)	3/23/2005 12:10:16 PM
From: kodiak_bull	Read Replies (1) \| Respond to of 206325

PTEN and protective stops. Can anyone spell whipsaw? As fast as PTEN traded above $26 it fell back down and is on its way down again: stockcharts.com[h,a]daclyiay[pb50!b20!f][vc60][iut!Lah10,30,5!Lc20]&pref=G The only thing protecting someone from PTEN's antics is a hard, protective stop. As I mentioned, I believe here, stocks follow a 4-step pattern over different timeframes. This area is showing all sorts of evidence of leaving Phase 1 (rising trend) and passing through Phase 2 (topping) and heading hard into Phase 3 (falling trend). As good soldiers know, there's a time to be a hero, and a time to hunker down and try to make it through the attack. On the daily chart, which is probably what most speculators here are interested in, excluding the intraday shadows, you now have a lower high (but curiously, not a lower low yet . . .) and a teetering priceline. Today's big candle is not good news as in one fell swoop it has erased all the candles of the previous 7 trading days. But PTEN is still battling, as is NBR. RIG is actually still trending up (although it's practically sideways). But others are starting intermediate downtrends in serious style: GSF ATW NE PBR ESV RDC Since you can always buy in again, there is no reason to sit with long positions and suffer serious capital damage to your account here. Kb