Sunday, July 25, 2004 2:29:55 AM
I think NTMD might top out Monday. I had a couple of plays recently that had news earlier in the week and finished at the highs after running all week only to make a final push early Monday and then collapse.
NTMDs technicals are starting to look way overbought but momentum does wonders sometimes. Alonside momentum there were a lot of shorts that got trapped in this too. I think that was one of the main reasons NTMD did as well as it did. This was a $9 IPO just a few months back and almost all of the float is owned by institutions and insiders. Once theres is a sizable short position a big buyer can trigger a lot of stops that keep pushing the price higher. I wouldn't be surprised one of the big holders did this on purpose. But the bigger the run the bigger the pullback :).
I'll be looking to short this around 20 Monday if volume is VERY heavy. Stocks tend to top out on the heaviest volume day and thats what I'll be looking for here. Using stops here is a must IMO.
NTMDs technicals are starting to look way overbought but momentum does wonders sometimes. Alonside momentum there were a lot of shorts that got trapped in this too. I think that was one of the main reasons NTMD did as well as it did. This was a $9 IPO just a few months back and almost all of the float is owned by institutions and insiders. Once theres is a sizable short position a big buyer can trigger a lot of stops that keep pushing the price higher. I wouldn't be surprised one of the big holders did this on purpose. But the bigger the run the bigger the pullback :).
I'll be looking to short this around 20 Monday if volume is VERY heavy. Stocks tend to top out on the heaviest volume day and thats what I'll be looking for here. Using stops here is a must IMO.
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