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Strategies & Market Trends : Strictly Buy and Sell Set Ups -- Ignore unavailable to you. Want to Upgrade?

To: fp_scientist who wrote (7706)	2/3/2006 4:43:07 PM
From: chowder	Read Replies (1) \| Respond to of 13449

Re: THOR ... When would THOR qualify for a rebound? My guess would be not for a while. Here's what we need to be aware of. Price just took out the January lows. Price just took out the December lows and it just took out the November lows. In just three days of trading, price wiped out three months of profits. Every single person who bought THOR in the last three months, and held on, is now losing money. EVERY ... SINGLE ... ONE OF THEM. We now have three months of overhead supply to work through. All of those people who are now losing money on what was a terrific winner for them, is praying like hell that price will come up to their entry point so they can get out whole. That overhead supply is going to present downward pressure as price tries to rise. The steep sell off is going to scare most new investors away. My guess is that THOR is going to have to start building a new base from which to launch its next move, provided there is a next move like the last one. We may see a short term rally off long term price support. That would be the logical spot for the shorts to cover. Any trade in this price range would probably need to be short term in nature. There is simply too much overhead supply to expect this one to come back soon and it doesn't make sense to me to tie up funds that could be used to make money elsewhere. Daily chart: stockcharts.com[h,a]daclyiay[d20050930,20060203][p][vc60][J68717117,Y]&listNum=1 When you look at the weekly chart and see a long wide range bar that drops deep into supply, like the one THOR is showing, it is usually an indication that lower prices will prevail after any short covering rally. The weekly chart is confirming there may be a short term play to capture a buck or so, but this isn't going to be easy money. You have a lot of people in a state of shock and we may see additional panic selling. Weekly chart: stockcharts.com[h,a]waclyiay[d20050203,20060203][p][vc60][J68717117,Y]&pref=G dabum