To: Trader X who wrote (13119 ) 4/2/1998 5:19:00 PM From: Steven Messina,L.M.T. Respond to of 17305
Re EXGN Trader XXX, Did I say it rarely dips to 4 11/16ths? We if I said it, I must have had a reason...dont remember. But by looking at the past 3 months of trading, it doesnt take a Photolithography Expert to see that she dips to 4 11/16ths or thereabouts, then spikes above $5 - 5 1/2. On days where the volume is miniscule/non existant (days where she trades 5000 shs or less), you'll note she trades sideways/down on nill volume. Mid January it started getting interesting...average daily volume slightly above normal..interest in the stock began creeping in. Mid February the volume shot up and so did share price..trading between $5 - 5 1/2. Then NO VOLUME for what seemed to be an entire month. This was the period of talks betwen Exogen and Medicare, as well as when several sales rep meetings took place. I believe a great many "people in the know" began accumulating here..hence the uncharacteristic volume and the spikes up into the high 5's most recently. A friend of mine got in twice at 4 11/16ths and bailed at 5 1/2...5K blocks..did real well in the course of a few days. The "news" hasnt changed and the volume is strong. Today's action..dont know what to make of it other than profit taking, so I got in. I believe we'll see 5 1/2 again tomorrow/monday...and the short term range of 5-5 1/2 again. I do like your BREAKOUT theory..works for me. It's all in the volume...keep an eye on it. Get out on a high volume rally if you've met your profit level. 1000shs I own..short term pop to $6 would be nice for the $1k gain, but you are correct...it's going up from $6 in a big way, pending news ofcourse..and leaks <drip, drip, drip>. Boi