To: The Perfect Hedge who wrote (7164 ) 9/12/1998 12:45:00 PM From: Bwe Respond to
You're right, Beebs, that PRGN hasn't had much movement since the double top buy on 9/8. After the stock gave the double top buy at $32, the stock moved up 2 more boxes in X's and subsequently, reversed into a column of O's and has retraced more than 50% of the column of X's to $30. The stock has a bullish price objective of $49, but a HPT has now formed. That's what a bearish NYSEBP will do to a stock regardless of a stock's bullish or bearish trend. A bear confirmed NYSEBP in O's means, as Tom likes to put it, that the market has the ball. As such, the market is going to force turnovers and cause fumbles and interceptions and the like when it's least expected. In football, how often have you seen a runner break free of the line and who looks like he's about to break one for a TD, only to have the ball knocked out of his hands by a defensive back and lose the ball. The analogy with a bearish NYSEBP is the same.
