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Tuesday, December 20, 2011 10:35:33 PM
Msg 8168 of 9077 at 11/6/2011 7:57:24 PM by
bigargo
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In response to msg 8167 by Rayovac812 ignore topic, view thread, thread start
Re: What I Look For To Trade
Nice chart but for the fact that it is a 10 cent stock and not a $100 stock. Keep us posted and let me know when I can toss away my Hanes underwear.
I have mentioned this guy before. I have since learned that he made the board a private board and you cannot read the links I was giving. I know mojo replied to a post of mine and stated that I was wrong about the chart and any trader worth his salt would know this. So I asked just now, and this ex-hedge fund owner-manager replied minutes later...nice to have access :) You should pay attention to the last 2 sentences...but anything you get from this guy is golden. Just keep reading ladies and gents..... He has some misconceptions..IE "long term."
When you showed me this chart back then, it looked like it was potentially basing out, but it could have gone either way. So in order for the stock to look good it had to break out of the potential bottoming or continuation pattern it was making:
Unfortunately, the stock broke down. As I recall, the company has a spider silk product that has great potential, but no sales. So this is another long term story about whether this company can get this product off the ground and become a growing profitable entity.
(chart)
It doesn't take a genius to see that the stock broke down, and that between year end tax loss selling and the lousy market, non profitable, non revenue generating OTC.BB stocks are all sinking.
I would assume that the stock will bounce sometime during the last week of the year and first couple of days of the new year because of the so called "January effect." These stocks bounce because all the year end selling is done and an overhead vacuum of sellers typically exists, thus making it easier to bounce. That said, there is no guaranty that it will bounce from here or how far it bounces if at all.
In sum, this is not a pretty looking chart, but it can become a good chart if the company comes through the way you hope it to come through. So the question in my mind, is how much do you know about the company and how close are they to making money. TA is not the answer here - knowing the fundies is.
IOW's, knowing the fundamentals is more important than the TA for this bugger. We are NOT in the 98% percentile when you look at the legal, science, and preparation for commercial sales. Those in the 98% most often have competitors. Glean what you might.
The tongue must be heavy indeed, because so few people can hold it. A boon for Ihub!
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