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Abbott Laboratories Message Board

  • TheWallStreetEqualizer TheWallStreetEqualizer Feb 5, 2000 4:07 PM Flag

    Near term view & MO

    Let's not be greedy.

    Once ABT breaks the
    resistence 35, its next
    resistence will be
    40.

    Until ABT breaks the resistence 35, present
    longs
    must exercise good patience as they did
    recently.
    In the worst case, ABT should camp
    around 33.5
    and 35. I believe that MMs will
    play the major
    role in breaking through 35.

    What happens after
    breaking the resistence 35?
    Majority of existing shorts
    will become
    really embarassed and cover their
    short
    positions ASAP. Move from 35 1/4 to 37
    will
    be faster than you might imagine.

    Should
    allow enough time. Days, weeks,
    or months (in the
    worst case).

    If extra money is available, it
    won't be bad
    to buy on dips particularly near
    market
    close so that day-traders' actions will have
    no
    impact.

    I also think that low-faith longs have
    been
    shaken out weeks or months ago.
    Keep the status of
    strong-faith longs.

    Better remove sell order around 35
    if some longs have such an order. Should be
    friends
    to long MMs if you want them to play a
    major
    thrust role for you.

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