Jiesen tries to take over the world

[New-born baby]

Mrk

Jiesen--
You know such things:
MRKs chart is awful. Calls for a real shot; I am thinking of shorting this dog into oblivion. BUT today I hear MRK has found a drug for cervical cancer. According to the report, all cervical cancer is produced by a virus transmitted by the male to the woman. MRK says they have had a 100% cure rate in treating this virus. Stock is up .23 today. Not great new, apparently.

What does our FA and Drug stock and Bottom Fishing expert say?

Jiesen,
Did you catch the action today with MRK? I almost shorted it when it was up 58 cents. Held off. Then at the close, things got quite bloody. Look:

[jiesen]

it is great news! However, whether current investors in MRK will see profits from this breakthrough is debatable. The recent verdict against MRK forced me to sell my position, since I can no longer ignore the possibility that the lawyers will be able to eat MRK's lunch, including profits from this miracle cure or any other MRK is able to come up with in the future.

It's still a good shot that MRK will come through ok, but not enough for me to invest at this price. I wouldn't be shorting it here either, though. What if MRK actually wins one of these cases?

[Lyehopper]

Frgb

recover from what? FRGB is doing just fine. Just because the price drops doesn't mean FRGB is doing any worse right now. It just means investors are scared, because all they see right now are the housing bubble headlines. This will pass soon, and people will move on to new things to worry about.

Sure, there are probably plenty of banks which will do better, but I am sticking to my limited circle of competence in stocks I've done enough DD to buy.

I posted this on the FRGB thread....

http://img397.imageshack.us/img397/3269/frgb3rd.png

I realize my TA is not up to "Spike" standards but I think a quick 61.8% retracement of a fundamentally sound stock is worth noting.

[New-born baby]

Sure it is

I posted this on the FRGB thread....

http://img397.imageshack.us/img397/3269/frgb3rd.png

I realize my TA is not up to "Spike" standards but I think a quick 61.8% retracement of a fundamentally sound stock is worth noting.

Sure it is. Now the question: is that the only indicator you want to jump in?
You could look for an intraday pattern too. But let's check the chart out to see what else we might find:



I wish you the very best. I am too scared to buy this one.

[New-born baby]

Today's action

FRGB is up some at 10:06 EST. Last sale was $72.97. So the market maker moved the ask up to $73.97. That figure marks the neckline. What should happen is that $74. is touched and rejected.

[jiesen]

FRGB is up some at 10:06 EST. Last sale was $72.97. So the market maker moved the ask up to $73.97. That figure marks the neckline. What should happen is that $74. is touched and rejected.

NBB,

I think you've practically called the bottom there at 71.99. Your crystal ball may need some adjustment!

[New-born baby]

You might be right.

NBB,

I think you've practically called the bottom there at 71.99. Your crystal ball may need some adjustment!

You could very well be correct. If FRGB would close right now, she formed a tweezer bottom, a bullish reversal signal. Volume is low, but higher than normal for this stock.

Still, I am not bullish on her right now. I could very well be completely wrong, but I am not yet convinced I am.

Best to you, Jiesen!

[spikefader]

NBB,

I think you've practically called the bottom there at 71.99. Your crystal ball may need some adjustment!

heh, ya, NB, forgot all about the tweezer bottom. That one was only a penny off NB, and is a better example of one NB (as per our other converstion about tweezers).

But as to crystal ball, that's funny. And this is an example of why saying a stock WILL do this or that, and taking a rigid stance like NB does, can come back and make one look silly, but that's alright Gives us something to kid each other about.

But as far as my view, I see the major weekly channel long coincided with that tweezer double bottom, and that's as good a setup as you need to see to get firey bullish until yesterday's low breaks. So I'm firey bullish on it.

Great observations Lyehopper. A lot of people do 'believe' fibs and I'm one of 'em. They really are a fascinating phenomena. But it's not so much believing it, as merely playing one particular setup in the world of TA.

[New-born baby]

Dogmatic

Sure I'm dogmatic. I'm a preacher. FRGB is just another example of how a daily and weekly chart disagree. No channel long touch on the daily. Money flow is awful. "It is what it is until it ain't."

[spikefader]

Sure I'm dogmatic. I'm a preacher. FRGB is just another example of how a daily and weekly chart disagree. No channel long touch on the daily. Money flow is awful. "It is what it is until it ain't."

LOL, well no-one can accuse you of being without conviction . But what IS it really? A weelky ALWAYS trumps a daily NB. Don't you think? You are basing your analysis on price action for only 2 months, and yep, short term it's been bearish. But fast short-term action into long-term heavy support (with such a great looking weekly chart, including money flow) down to great vol by price on both charts can't be ignored.

I think with this one, your read can't see the trees for the forest - heh, but hey!; from small things come grand creations. But right now, with that tweezer in place, and the weekly long, it IS bullish, and I think your bearish view is in trouble

[New-born baby]

Yup

LOL, well no-one can accuse you of being without conviction . But what IS it really? A weelky ALWAYS trumps a daily NB. Don't you think? You are basing your analysis on price action for only 2 months, and yep, short term it's been bearish. But fast short-term action into long-term heavy support (with such a great looking weekly chart, including money flow) down to great vol by price on both charts can't be ignored.

I think with this one, your read can't see the trees for the forest - heh, but hey!; from small things come grand creations. But right now, with that tweezer in place, and the weekly long, it IS bullish, and I think your bearish view is in trouble

Yes, Spike, my read may very well be in trouble. Charts aren't 100% accurate, and somebody like me makes them even less effective.

I am not quite ready to quit on this one for this reason: remember a few days ago, oil broke the neck on s~h~s formation? You posted that she'd fall to $58, perhaps $50. That very day she bounced back up above the neck. Then yesterday she fell through the neck again, and I do think oil will hit your targets. So what I am saying is this: today, everybody is up (save BMHC ), and FRGB is in with the crowd. But we'll see what happens next week. I am thinking bearish thoughts on her. But hopefully she'll take out MMs target first.

If the weekly trumps the daily, (always, no less!), then DELL and WMT are definite shorts. WMT weekly (from 1999) calls for $20- bottom. Sam is dead and gone, and the chain is suffering from a lack of his leadership.

Thank you for the counterpoint. I'll certainly be instructed by what happens.

[Lyehopper]

tis what it tis....

Sure I'm dogmatic. I'm a preacher. FRGB is just another example of how a daily and weekly chart disagree. No channel long touch on the daily. Money flow is awful. "It is what it is until it ain't."

I'm watching and learning....

[spikefader]

...right now, with that tweezer in place, and the weekly long, it IS bullish, and I think your bearish view is in trouble

OK, the tweezer has been taken out, so I'm on board with your bearish view NB!

[jiesen]

bought IDWS.PK

bought a small (<1%) position in IDWS today at .36. They're supposed to be announcing a minimum 0.37 dividend today.

[billyjoe]

Jiesen,
In the words of my grammaw "I never heard tell of such a thing"


billyjoe