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Guy,
I'll be right there with you when/if it breaks out of the down trend
channel.
Jim
-----Original Message-----
From: Guy Gordon
Sent: Friday, May 23, 1997 10:58 PM
To: metastock-list@xxxxxxxxxxxxx
Subject: Re: PAIR near bottom of channel
Well, I never bought PAIR. As I warned, PAIR overshot the bottom of
my channel, and I was unable to decide on a price to buy in. Also, I
took to heart some of the warnings I received here. (Thanks Jim.)
Anyway, PAIR hit bottom at 14 5/8, and then recovered to the 18 range
this week. A nice 24% rise, for anyone who could call it perfectly.
Since I can't, I am no longer looking to buy PAIR, unless it breaks
out of its current downtrend channel.
On Fri, 16 May 1997 20:22:07 GMT, I wrote:
>PAIR fell 17% today when Soundview Financial said nasty things about
>Pairgain. Strangely enough, "SoundView analyst Chandan Sarkar said he
>has become more cautious on PairGain but has not changed the rating or
>earnings estimates. " =20
>See http://biz.yahoo.com/finance/97/05/16/adtn_pair_1.html
>
>PAIR had been rising steadily for two years until last October. Then
>it fell, went sideways, and climbed back to re-test the Oct high in
>January. It made a double top in February, and then started a
>downtrend channel. It has dropped from $42 to $17, and the PE is
>still a high 36.
>
>This is not a stock I would be in for the long-run right now. But it
>might make a good channel trade.
>
>The top of the channel is defined by the highs of 2/14, 4/7, 4/9, and
>5/9. The bottom of the channel is defined by the lows of 1/16 and
>3/19.=20
>
>Today, the bottom of that channel is at 16 3/4. PAIR hit 17 1/8
>today. I am very tempted to buy at this level Monday. But I'm
>worried by how fast PAIR came down. It may overshoot next week.
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