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Non-Tech : Bill Wexler's Trading Cabana -- Ignore unavailable to you. Want to Upgrade?

To: RockyBalboa who wrote (4947)	2/20/2009 11:04:10 AM
From: RockyBalboa	Respond to of 6370

There is a power struggle between SKF mo investors and the banks. Last time, SKF failed at 200. Only thereafter SKF would spike to 300. In January it failed short of 200 again... this time it took 200, but is churning here, an often toppish sign. Coincidentally, brokers were overwhelmed with requests to short stock and had to delay accepting short sales. Again, is this still bearish? Only pure technical thing is banks are not oversold, except a few, and the SKF is not overbought at 200. Banks with lot of meat, like JPM have a long way to fall. It is a difficult situation. Looks as if I get rid of a perennial dog, Soapstone. It run to 3 as it is now open up to proposals, having $6 in cash or so.