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Strategies & Market Trends : Stochastics -- Ignore unavailable to you. Want to Upgrade?

To: Jeff Jordan who wrote (75)	2/8/1998 9:28:00 PM
From: Wayners	Read Replies (1) \| Respond to of 927

Jeff, the one thing I was looking for was the breakout direction. It looks like the direction was decided on Friday. If your're short, I'd be picking a stop limit point for exit. The possibility exists that since the volume was low that Friday's move was a fakeout to the upside, but I just don't think so. The moving average on stochastics is just starting to slope upward and the 3 day moving average is about to cross above the 12 day moving average. Any more movement to the upside and its going to fly. The only thing that may hold it down is the neutral trend (NT) and the flat upper bollinger band--although it too is just starting to slope upward. I think I would be placing a buy to cover stop limit order at just past $14. There is some good overhead supply also from the last runup to $20 that may keep it from flying too far past $14. I think the safest bet though is the stop limit order. Look at IOM for a short play as was pointed out by Owen.