Saturday, May 24, 2008
RedDirt's Weekly Update
Better late than never, better early than late. The Bear's bite came this week into a long weekend Holiday. The Monthly Chart tells me we could revisit the bottom Bollinger Band. The Weekly Chart says support may have been hit at the 10 week MA's. The Daily Chart tells me to wake up if we close below the 65 day sma. The 60 Minute Candle Chart says we are over sold and should expect a bounce back to the 1390-1395 area. The 1 minute chart is saying,"Help! I've fallin' and can't get up." To sum up the market's, I'd say drop back 10 yards and punt on 3rd down. Just kidding. The longer term charts are saying the bottom is in and the second leg up is starting to develop. The break out above 1440 with volume is what will prove it. If you've read my post from Thursday May 4th, 2008 you would be amazed how important I must have thought that magic number was. Take another look at this past weeks high of 1440.24 and ask yourself, "How did Reddirt come up with this resistance?" Damn, there must be a bunch of hedge fund manager's watching the weekly Bollinger bands. Now, look up, why is 'second leg up' green text instead of black. "Well", as Ronnie(deregulation Reagan would say) "the party is just getting started." Just joking, I really don't mean to offend any of my Republican friends. The point I'm trying to make is there may be something to this elliottwave stuff. Personally, I've had more success counting waves by using 3-line break charts @ stockcharts.com . Oh My God, if your watching 3 line break charts, you really need to get a life.
The BricTrade is hanging in there so far. I moved my trailing stop up to $54 on the EEB and it came very close to taking me out of the trade on Friday. I've been getting some signal's telling me to get the Hell out of the trade but I'll take my emotions out of this and let the trend line do my work. Check out all my BricTrade Charts by clicking HERE!
Here's a LINK to what I'll be reading once again this Memorial Day Holiday. I visit it every year since 1999, just to remind me , "if a horse shoe is hot, it shouldn't take me long to figure it out."
Good luck with your trades and I'll be back in a couple of weeks.
The BricTrade is hanging in there so far. I moved my trailing stop up to $54 on the EEB and it came very close to taking me out of the trade on Friday. I've been getting some signal's telling me to get the Hell out of the trade but I'll take my emotions out of this and let the trend line do my work. Check out all my BricTrade Charts by clicking HERE!
Here's a LINK to what I'll be reading once again this Memorial Day Holiday. I visit it every year since 1999, just to remind me , "if a horse shoe is hot, it shouldn't take me long to figure it out."
Good luck with your trades and I'll be back in a couple of weeks.
Labels: RedDirts BRIC Trade, technical analysis, weekly update
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Hey Chris, BxCap here...
I know you're not a guy that invests in spec plays but check out Electro-Optic Sciences (MELA) and go to their message board in Yahoo. Look for the post that quotes the Georges Yared newsletter. I don't subscribe to Yared's Quantum Growth, but I do subscribe to Navellier's Blue Chip Growth, and he teased me with an e-mail, which I could easily figure out was MELA. I've been watching them since I think a non-surgical detection of skin cancer would be HUGE! I think I invited you to my private blog. I've lost track.
fineartofresurfacing@hotmail.com
I know you're not a guy that invests in spec plays but check out Electro-Optic Sciences (MELA) and go to their message board in Yahoo. Look for the post that quotes the Georges Yared newsletter. I don't subscribe to Yared's Quantum Growth, but I do subscribe to Navellier's Blue Chip Growth, and he teased me with an e-mail, which I could easily figure out was MELA. I've been watching them since I think a non-surgical detection of skin cancer would be HUGE! I think I invited you to my private blog. I've lost track.
fineartofresurfacing@hotmail.com
Although I am confident that at the very least, the buzz leading up to the June 11th meeting, will push this stock higher, I am on the look out for other challenges to this promising technology. The message board for MELA on Yahoo! has mentioned that there are other players in this field. They are:
SolarScan, manufactured by an Australian company called Polartechnics. They are a leading Aussie biotech company that's in early stages of commercialization of various products, which they call....TruScreen, CerviScreen, SolarScan and MediScan. The company appears to be putting their development money into MediScan right now, and this product is not the skin cancer screener. According to their website, Australia and New Zealand have the highest rate of melanoma in the world, and therefore their SolarScan product was developed. I'm judging from their share price drop from $0.50 to around $0.15 over the past six months, that they have not been very successful with their SolarScan (or other) products so far.
Next we have MoleMax, which was mentioned on an excellent website called Stock Gumshoe. This website gathers information and input and attempts to "out" e-mail hucksters. They investigate claims made by the usual guys, like Tobin Smith, Georges Yared, Christian DeHaemer, Investment University, Access Group, Silk Road Investor, Bill Mann etc. The site has posted three times on this stock (and I'm adding a link to the hyperlinks area as I think they are doing exactly what I have been doing), as it has been touted by three different groups. The original post is here. The latest post is here.
Of note is what a dermatologist on that website wrote, as a comment:
"As a practicing dermatologist, my take on this is that we have seen similar devices (i.e., MoleMax). A dermatologist trained in the use of dermoscopy will find this bulky and likely expensive tool of little value. As I recall, the MoleMax® was about $50,000.. Another hurdle is reimbursement: without a CPT code for this specific service, insurance coverage will be virtually zero, so the derm will have to convince patients to pay out of pocket. Lots of luck with that. No thanks, I’ll stick with my user-friendly $400. DermLite that is rechargeable and fits in my pocket. (No financial interest in the DermLite.)"
That's a huge opinion to know about, because if dermatologists aren't on board or excited, why should I be? I feel that the stock has enough momentum to gain some coin, but I will take some profits if it breaks through it's $9.38 resistance and runs up through $10.
As for MoleMax.... this link shows that it is an Australian product, and has been around for quite some time. It appears to work just like a MelaFind would, looking below the skin's surface for evidence of cancer....
Conclusion: I'll probably stop investing and not drop the other half of my original investment, but rather monitor the action. If it gets hot and starts to run, I'm selling on the pre-meeting (June 11th) euphoria. There's a lot of pumping going on here, and I'm going to use it, vice believe it. I can always buy in once I know that the product has met with FDA approval. I've also read that they need 100% accuracy to get by the FDA. That's a tall order, and my research has shown that they will market this product for $2500 with a database subscription to boot, while MoleMax goes for $400. I know it's a bit like the iPod versus the more affordable take-offs, if its 100% reliable....but there are still a lot of issues and hurdles ahead of it, and the easy money is in the bull markets of Ag, oil services, and commodities (long.....).
SolarScan, manufactured by an Australian company called Polartechnics. They are a leading Aussie biotech company that's in early stages of commercialization of various products, which they call....TruScreen, CerviScreen, SolarScan and MediScan. The company appears to be putting their development money into MediScan right now, and this product is not the skin cancer screener. According to their website, Australia and New Zealand have the highest rate of melanoma in the world, and therefore their SolarScan product was developed. I'm judging from their share price drop from $0.50 to around $0.15 over the past six months, that they have not been very successful with their SolarScan (or other) products so far.
Next we have MoleMax, which was mentioned on an excellent website called Stock Gumshoe. This website gathers information and input and attempts to "out" e-mail hucksters. They investigate claims made by the usual guys, like Tobin Smith, Georges Yared, Christian DeHaemer, Investment University, Access Group, Silk Road Investor, Bill Mann etc. The site has posted three times on this stock (and I'm adding a link to the hyperlinks area as I think they are doing exactly what I have been doing), as it has been touted by three different groups. The original post is here. The latest post is here.
Of note is what a dermatologist on that website wrote, as a comment:
"As a practicing dermatologist, my take on this is that we have seen similar devices (i.e., MoleMax). A dermatologist trained in the use of dermoscopy will find this bulky and likely expensive tool of little value. As I recall, the MoleMax® was about $50,000.. Another hurdle is reimbursement: without a CPT code for this specific service, insurance coverage will be virtually zero, so the derm will have to convince patients to pay out of pocket. Lots of luck with that. No thanks, I’ll stick with my user-friendly $400. DermLite that is rechargeable and fits in my pocket. (No financial interest in the DermLite.)"
That's a huge opinion to know about, because if dermatologists aren't on board or excited, why should I be? I feel that the stock has enough momentum to gain some coin, but I will take some profits if it breaks through it's $9.38 resistance and runs up through $10.
As for MoleMax.... this link shows that it is an Australian product, and has been around for quite some time. It appears to work just like a MelaFind would, looking below the skin's surface for evidence of cancer....
Conclusion: I'll probably stop investing and not drop the other half of my original investment, but rather monitor the action. If it gets hot and starts to run, I'm selling on the pre-meeting (June 11th) euphoria. There's a lot of pumping going on here, and I'm going to use it, vice believe it. I can always buy in once I know that the product has met with FDA approval. I've also read that they need 100% accuracy to get by the FDA. That's a tall order, and my research has shown that they will market this product for $2500 with a database subscription to boot, while MoleMax goes for $400. I know it's a bit like the iPod versus the more affordable take-offs, if its 100% reliable....but there are still a lot of issues and hurdles ahead of it, and the easy money is in the bull markets of Ag, oil services, and commodities (long.....).
That's the post from my blog, without the hyperlinks of course. Did a lot of due diligence on this one, and as the conclusion shows, I cannot definitely figure out if it is worth a chance, despite the stock pumpers repeated pumpings. They could be right. They could be wrong. Anywho, hope you take up my invitation to my blog. It's come out well and I'm happy with my file sharing area.
bxcap,
sent email about your blog. looked thru my deleted emails and never found the invitation. Please try again.
chris
sent email about your blog. looked thru my deleted emails and never found the invitation. Please try again.
chris
You should be good to go now. I just finished my DRYS spreadsheet, and I'm currently looking over Excel Maritime. All these shipping stocks look the same right now. Good.
ad nauseum,
Gov't funding for medical equipment took a hit. GE layoffs for med equipment. Be careful here dude! Doc's are always looking to build their business but they want the write off. I'll watch the chart.
Chris
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Gov't funding for medical equipment took a hit. GE layoffs for med equipment. Be careful here dude! Doc's are always looking to build their business but they want the write off. I'll watch the chart.
Chris
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