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Biotech / Medical : Duramed (DRMD) Synthetic Estrogen Product -- Ignore unavailable to you. Want to Upgrade?

To: Silicon Trader who wrote (677)	3/21/1998 7:52:00 PM
From: Mama Bear	Read Replies (2) \| Respond to of 1837

It's an excellent short right here IMO. The news was old (2/23/98), the effect was due to story on CNBC with a lot of daytraders buying and some more folks buying for the anticipated gap up Monday, and it's right at a recent resistance level (7). A short as close to 7 as possible is low risk because if it goes over 7 on any kind of strength on can cover at a small loss (and even go long, with a target near 9), if it doesn't it should retrace to near 6. I know some think a point is not much, but in this case it's around 15%, and the short position should be closed in less than a week, with a risk of perhaps 1/4 point loss. Those folks that buy for a gap up aren't known for holding past 10 am either. Barb