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Strategies & Market Trends : The Rational Analyst -- Ignore unavailable to you. Want to Upgrade?

To: The Perfect Hedge who wrote (388)	2/27/1998 1:51:00 AM
From: ftth	Respond to of 1720

COGIF...what to do, what to do. Well, we had an inside day today. I didn't sell because 1) we only reversed 1 close, and 2)we held above yesterday's low. When an inside day follows 2 up days, it's not sufficient evidence to signal a trend change. Also, the selloff at the close was on relatively low volume, and the day's volume was lower than the 2 breakout days. Although it does clearly show supply coming in, it was not overwhelming supply, and the momentum of the move is still up, although much less so. As a pure flag play, weakness like this just 2 days after the breakout invalidates the flag, but I think I'll hang with it (no longer with flag expectations) until it shows enough weakness that it penetrates the solid support level of the (former) flag (now just a support level). MRCY starting to loose some steam too, but a 50% move in 3 days deserves a little pause. On the bright side, how 'bout that JBIL today!! dh