Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Three Amigos Stock Thread -- Ignore unavailable to you. Want to Upgrade?

To: Patric who wrote (6954)	7/19/1998 9:19:00 PM
From: Ken W	Respond to of 29382

Patric, "My gut is hopelessly incompentent" Don't sell your gut short (pun intended) The reasons that I feel the way I do about SYBS is that I watch trading very closely. When SYBS first broke out of the 7 range it did so on large volume without a retest of the breakout, frankly, it did not have time. Once over 9 it did dip back to 8 and change for one day. I saw that as profit taking from the 7 level. That same day it bounced off of 8 hard on large volume again. I take that as a new support level. Prior resistance was at 10 1/2. SYBS hit the 10 1/2 wall hard on Fri. and finished the day at 10 1/16. So 8 is the support I would look for and 10 would be my new sell point. I plan on watching the stock, to comfirm my plan, at least once. If I get in a bit higher than 8 on the first go around, then that's okay. If it goes again, great. I have played a couple of stock this way for over a year now. NOVL did it for close to a year between 6 and 8 then broke out. My feeling on why a stock rolls is simple boredom from investors that got in and the stock did not move enough or fast enough for them so they get out. This must be accompanied by no news, strong support and strong resistance. The market sets the price on stocks as we know when there is nothing to cause demand. Once we see the range that the market set we can play inside of that range just like they do. Time is the key to rolling stock Pat. 7 to 11 weeks seems to be about the time limit as it is between earnings announcements. Hope all of this gibberish helps Ken W