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Strategies & Market Trends : LastShadow's Position Trading -- Ignore unavailable to you. Want to Upgrade?

To: Susan Saline who wrote (4574)	12/17/1998 11:09:00 PM
From: LastShadow	Read Replies (1) \| Respond to of 43080

For Friday morning: I've spent some time tonight studying the charts for INSP, ALIF and a few others tonight, and thought I would share my observations: Both NAVR and INSP exhibit a Rounding bottom pattern - usually precedes a substantial jump. However, NAVR is forming a descending triangle over the last 5 days (a bearish shape), and that conflicts with the larger rounding bottom. For NAVR, a dip below 8.75 would be a definite sell signal. INSP's curve formed over two days, and that may be relevant if one believes chart patterns are accelerated for net stocks. At any rate, the volume and trading pattern for the last hour was not spectacular. INSP should gap above 36 at open and stay above 29 on any selloff, although I would be surprised to see it drop below 33. I will look to enter on the dip between 9:50 and 10:10 am. ALIF did not get a lot of volume today, but did have an encouraging $500,000 buy at close. I would expect the selloff dip to go as low as $19 if the volume had been greater, but since it wasn't I am not sure it will even go to $21. A breakout above $24 tomorrow morning with a lot of volume and larger trades would signal an immediate entry (but after the 9:50 am timeframe). As one less-than-poetic trader I knew would say, "You need to let them flush the preopen toilet first..." lastshadow