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Strategies & Market Trends : The 56 Point TA; Charts With an Attitude -- Ignore unavailable to you. Want to Upgrade?

To: Doug R who wrote (20508)	8/12/1998 2:16:00 PM
From: ivan solotaroff	Respond to of 79273

Doug, "I still can't believe EDFY reversed the same day the stop loss rule was triggered." My first guess is that the stop was triggered artificially (the low volume in the face of the general blowoff does seem artificial); I'm still surprised at the run-up since, but I ain' bitchin'. My second relates to the fact that the stock is 57% institutionally owned, which is high for a cat. By definition, the institutions have largely sold by signal days, which is a derivative of the I in O'Neill's CANSLIM: Buy a maximum 25% ownership; excessive institutional ownership leads to mechanical panic-triggers; I'm no trader, but I'm sure that's what creates the gap in most cases, and I would also guess that the weaker institutions contribute to the signal day as well. If you notice, the run-up happened in one 20K gobble yesterday: at $7/share I look at that as a lunar probe.* So far, Hecate has not shot the mother down. Every hour that passes, IMWishfulO, is bringing this closer to a 15% or so intra-day run-up. Wishwishwishwishwish. My guess is that ASHW will take a few. Too many fake signal days scare the bejesus out of non-afficionadoes, and you tend to get choppier action. It's hard to board a dinghy in a $#itstorm. Ivan *That reminds me of a charming riddle: Q: What do the Starship Enterprise and a wad of toilet paper have in common? A: They both circle Uranus looking for Klingons.