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Saturday, November 17, 2007 2:46:24 PM
Hope everyone is having a good weekend. I have been reading the discussions, but pretty much staying out of the fray. Valid points made on both sides of TA vs Fundamentals. I more subscribe to the TA camp as i am a short to mid term trader. I was pretty happy when I bought in Tues at 1.60 only to see some weaker than anticipated earnings gap it down the next morning. If you look at the run from mid Sept it is obvious some traders were loading the boat and they needed to see another blow out quarter to stay in. When they didn't they hit the exits with profit in hand.
I liked the big block buying that came the back half of the week, which is smart mid to long term money. Also the sell off looks a bit overdone and the candlestick pattern from Friday is forming a potential morning star doji, which is all good. If there is a gap up with upward price movement Monday it will confirm the candle and signal at least a short term bottom here with a move back up to test newly formed resistance.
Longer term, traders and investors will watch for news, and ultimately next quarter earnings to see if the last quarters increased operating expenses was the blip mgmt claims it was.
Good luck to all
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