To: john shoemaker who wrote (12734 ) 3/11/1998 10:25:00 PM From: V. Read Replies (1) | Respond to of 17305
**CYCH** Hi Shoe, Nice gap up on big volume on earnings announcement, and subsequent Prudential upgrade. Very typical post-earnings pattern today, going a bit higher, then selling down on profit taking on a substantial, but somewhat lower volume. Assuming the market it neutral to up tomorrow, you should probably see some profit taking early after a little blip up, but it probably will not break today's high unless the market is kicking. Then, the stock should head back to the 13 3/4 - 14 level. If it breaks under that minor support, you will want to see it respect the 12 1/2 - 13 level of support which is more important longer term. The volume should come out of the stock on the retracement to 12 1/2ish, and that is the next entry point, should the stock hold here. Should it break below 12, I would be concerned. It is not unusual to see a momentum play like this begin a bullish run, and previous lows and support levels might not be reached...if the stock does not touch the 12 1/2ish level on retracement, that would be bode well for the future. Along these lines, I would be encouraged to see some accumulation at the 13 - 13 3/8 level with steady or decreasing volume. That would enable it to kick back up to the mid teens more quickly. Very short term, I would imagine a close in the upper 13s tomorrow on volume of ~400-500K shares, with the intraday no lower than 13 as being very positive. Over the next several days, do not be surprised to see it come back to that 12 1/2ish level to sit for a bit prior to the next cycle. Hope this helps, best of luck on this one, and it's nice to see you back! xoxo, V.