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Gary Smith writes the "Technician's Take" column on TheStreet.com.
This week his semi-serious/semi-humorous column presents "awards" to
various stocks based on their technical performance over the past
year. Below are his "winners" and comments.
If you have a subscription, you can see the entire article and his
accompanying charts at
http://www.thestreet.com/premium/Commentary/techtake/25393_12291997.html
Chip
http://coolhistory.com/ChipsCharts
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Best Fakeout(s) by a Big-Cap Stock: IBM
It's breaking down, time to short it. No, it's breaking up, time to go
long. No, it's going down again. AGHHHH!!! If ever there was an
untradeable stock, Big Blue is it. Couldn't figure out the company
when I worked there; can't figure it out now.
Best reason to use stops (long category): TBL
What happened, have scientists linked Timberland clothing to the
collapse of the Far East? Or did they hire Robert Allen as their new
CEO?
Best reason to use stops (short category): ACCC
A personal favorite . . . NOT! Cost me a bundle, but thankfully I was
quick to cut my (substantial) losses. I try not to take trading
personally, but one day I'm going to get my revenge on this stock. If
only I knew what the heck they did...
Most obvious case of a one-day reversal: EGRP
See what happens to online brokerages that don't have good response
time.
Best reason to be a daytrader: CS
June 2, 4:00pm -- Cabletron closes at $45.75: "Honey, we're going to
be RICH!!" June 3, 9:30am -- Cabletron opens at $31.125: "Honey, do
the kids have to go to college?"
Stock most likely to cause indigestion: BOST
They have never, literally NEVER, gotten my order right. Why do I feel
others have had the same experience?
Best reason to follow your own strategy: BLDPF
I nice little breakout on 9/22. Fourteen days later the stock is 30
points higher. And what was I doing? KICKING MYSELF FOR HAVING SPOTTED
IT, AND THEN PASSING!!!!
Worst reason to be a Mo-Mo investor: CTN
>From $52 to $2 in less than 60 days. A Testorrosa doesn't have that
kind of breaking power.
Best reason to be a contrarian: T
We all spotted it, right? Of course. But did we all act on it??
Best reason to hone your shorting skills: NC
Yeah, stocks always go up 200% in 5 months. But what do they do for an
encore?
Best reason to read TSC's $10 Store: RADAF
Only about an 800% gain in 1997. C'mon guys, find us something really
good.
Most serious case of Warren Buffettitis: NKE
When folks thought The Oracle was adding Nike to his holdings, the
price shot up 14% in two days. Alas, he wasn't, and NKE continued its
long, slow decline.
Technology stock that doesn't know it's a technology stock: ACLY
While every other tech stock is getting nailed, Y2K stocks like ACLY
are hitting new highs.
Best reason to read "Technician's Take": NYSE
Did I, or did I not tell you to stay out of the market after that
Double Top formed? Remember, technicians are NEVER wrong!
Worst reason to read "Technician's Take" -- SPY
Did I, or did I not tell you to go short after the crash? Remember,
technicians are never...oh never mind!
Those are it, folks: Our very first winners of The Garys!
....
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