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SPTN

 
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mesa613



Joined: 12 Jan 2006
Posts: 78

PostPosted: Wed Aug 02, 2006 1:16 am    Post subject: SPTN Reply with quote

Anyone have any thoughts on SPTN for either the short and/or long term?

In the near future, it looks like SPTN has been in a rather parabolic mode in recent weeks and given the possible evening star/bearish spinning top formation with stochs in the overbought condition I'd imagine the price might test what seems to be support at the $12.25ish level?

As for the long term picture, based on the weekly charts, I'm not sure what to make of it. The candles appear to indicate increasing volitility and the price is in the neighborhood of its 3 year high but can't quite pass it.

Thanks in advance
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Scooter



Joined: 02 Jul 2006
Posts: 98

PostPosted: Wed Aug 02, 2006 8:35 am    Post subject: Reply with quote

I think your analysis is good. It made a new high around a year ago, and that is what it has been banging its head against the last few weeks. Looks like a good short candidate as the last two days look like a repeat of the reversal signals on 7/10-7/11, which eventually took it down to around $12.25, over an 18% move. If you are risky/aggressive, you could take a position now (the Japanese always said sell on a Doji at the top). If you want to be safer to make sure it doesn't break through the multi-year high at $15, you probably want to wait for another bearish signal before taking a position.

Good trading,
Scooter
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Scooter



Joined: 02 Jul 2006
Posts: 98

PostPosted: Wed Aug 02, 2006 11:10 pm    Post subject: Reply with quote

Well, all bets are off now. SPTN blew right through the $15 mark today. Pretty impressive. I did some further checking, and this stock actually got as high as $16.65 back in July, 2001, so that's a number to keep in the back of your head.

Since June this stock has been forming what looks to be an inverted triangle, broadening as it moves forward, otherwise known as a megaphone top. This is is usually a bearish formation and breaks down after the 3rd peak, which is the one it is forming now. Of course if it goes much higher from its current area, it will have broken through the top of the pattern and then who knows.

Scooter
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mesa613



Joined: 12 Jan 2006
Posts: 78

PostPosted: Thu Aug 03, 2006 12:43 am    Post subject: Reply with quote

I definately agree with you on that Scooter. I think SPTN's move today parralleled the candle formations in the overall markets (Dow and S&P anyway). Will definately be watching it though.
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mesa613



Joined: 12 Jan 2006
Posts: 78

PostPosted: Wed Aug 09, 2006 12:40 am    Post subject: Reply with quote

Could be wrong but it looks like SPTN may have finally peaked at 16.50 on Monday and has formed what appears to be an evening star formation (very doji-like), but still need confirmation on Wednesday. Stochs are way overbought and volume was much higher than normal on Monday (possible blowoff day?). Will continue to keep an eye on.

Anyone have any thoughts on it at this point?
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Scooter



Joined: 02 Jul 2006
Posts: 98

PostPosted: Sun Aug 13, 2006 10:39 pm    Post subject: Reply with quote

This stock has been a Doji machine over the last several days. I have to think it's going to start heading south soon. Could be a good short. Keep your eyes peeled.

Scooter
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