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Gold/Mining/Energy : Daytrading Canadian stocks in Realtime -- Ignore unavailable to you. Want to Upgrade?

To: Buckey who wrote (15090)	5/28/1999 10:53:00 PM
From: keith massey	Read Replies (3) \| Respond to of 62347

Keith was bottom fishing and looking to catch a falling knife John if it wasn't you I would take offence to the statement about catching a falling knife. When I put it the bid for NLC it was just a dull knife lying on a table <ggg> Message 9679513 Picking the bottom of NLC was almost a no-brain (as much as I hate when people say that about stocks). However I still managed to miss the buy. I didn't want to post my buy signal in advance because I didn't want a thousand lurkers jumping in front of me. If you go back to Dec 98 you will see that $1.80-1.75 was a resistance point and when broken (perfect coiled spring pattern) the stock flew...this turned $1.80-1.75 into support. From a fundamental standpoint...at this level ($1.80) the first of a few good earning reports hadn't been released and the $75 million financing hadn't been released....this turned this into a very strong support level in my view. When the stock first took at dive on April 23/99 I had already determined the key support levels at $1.10, 1.80, 2.40, 3.50 based on the historical volume and patterns at those levels. I also knew the fundamentals and how the stock reacted to each news release. When the stock dropped on April 23/99 I bought everything I could under $1.80 (key support). I was lucky and caught a bunch of stops being triggered and got most of my stock at $1.60-.70. After watching it that day I felt that the only reason it had broken $1.80 was that a ton of stop losses had been triggered and drove the price down below this key support level. For the past month the stock has been dropping on low volume (panic, stops and impatience). I felt at $1.80 this would be a very very low risk buy. If I would have got filled I would have put a stop in at $1.65 (just in case there was a whipsaw). If it didn't get to $1.80...no big deal...there will always be another stock. I would rather be patient and wait for the ultimate safe buy point then get in way to soon. Best Regards KEITH