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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: fedhead who wrote (15291)	3/5/1998 10:32:00 PM
From: Clint E.	Respond to of 68247

>>>What did you think of YHOO's action today while the nasdaq was down 47 ? It is very normal to see momentum players buy stocks that make new highs on days like today, especially if there is some BS news behind it(from the night before). The mentality is like this, "it is going up while everything else is going down so it is safe to buy"!! Some traders subscribe to services or check sites that flash stocks that make new 52-wk highs. I know I chase after them from time to time. It is dangerous but works for a quick scalp. Look at what they tried to do to PSFT today or SEBL last Friday. I shorted both of them, SEBL a few days ago and PSFT today. YHOO will fall too. All momentum stocks have. Strangely enough, most momentum stocks usually fall when they actually start making some money, when rate of growth is calculable and ascertained(i.e., when the hype is over). If you play it, be careful. Clint