Holiday TA:
Where are we and why?
The latter is usually a mystery to me, until we are so far in the rear view mirror that knowing doesn't do a darn thing for you. Charts are certainly suggestive of impending fundamentals, the basic tenet of an equity being that of a leading indicator. Ted's list is pretty spot on insofar as possible developments go and who knows for certain (and who wants to?!?! - personally being Martha's bunkie doesn't appeal to me)?? Enough chit-chat and down to the turkey...
The current rally, now retesting, has been in the works for many weeks, IMO, perhaps dating even to late August. The first 'wave' of this monster was the 'inexplicable' October 11 move, retraced and then revisited on October 20. This led to a sideways consolidation of over a month with a new 'inexplicable' rally beginning on 11/26 through 11/30, followed by yet another retest and consolidation ending on 12/9. Volume that was completely out of character for most of the year was featured in all the spike up days, culminating (thusfar!) with a monster blowout day of over 12 MILLION shares, or about 70% of the total float in one day, just shy of the nearly 13 million share explosion of 4/24/03. Big stuff. The April 03 rally was from appx 1.08 to 4.19 in just 2 days, with a subsequent decline to 2.14 causing many to declare 'popcorn fart' status. But by 6/09/03, ENMD sported 6.50 plus, in total, top to bottom, a nearly 650% rise. Why the history lesson? I think one could argue right here that ENMD has been making a gigantic bottom of something over two years. The fits and starts of 03 could most certainly have some bearing right here, could they not (in my charting North Pole)?
Bottom line is this, in my most very humble opinion possible: the stars could be aligning for the re-emergence of ENMD. Look at weekly chart in a very condensed since IPO form, and you will see a wide and funny looking W bottom being made. Ever crucial: How do we handle the 6.50 level? A solid break of this level could yield surprising targets. That could take months even years, right? Yes. The left shoulder took 10 months. The up move (of the middle of the W) took 2 months. The down side of the W(with a long, long rest)took 14 months. The right and final side has been in development for 4 months now. So, six months or more to right side completion is reasonable, but not necessary. A move up on the right side could come at any time and will likely be shocking. Twice in the history of the company (publically, anyway), the weekly volume has been just over 65 million, 1998 and 2003. Watch for that, sometime. Many of you know that some of my long-term systems have been suggesting big numbers are possible. That has not changed. It is just slow go. They may never happen, ever. So goes predictive systems at times.
I like the stock here. I own it. I don't know why <g>. I believe the reasons will be clear when they become available.
Whether some of you like it or not, I will disclose that the above is for amusement purposes only. Just humble opinion.
I'm out now for most of the Holidays. I might check in if cycledude gets lucky again (JK!)...
Happy Holidays and Best Regards to all....
Syndi
AI
