Posted by 29 December 2004

New Highs on Low Volume

Here are a few charts. First is the Nasdaq which shows the recent new highs on weak volume. That can’t end well, can it?

Next is the SOX, which got stopped by its 200-day moving average again today. I knew it wouldn’t be easy to conquer that line.

And finally, the chart of Phazar (ANTP) which has been on a ridiculous run recently. It’s up 1,116% since October 4th. My vacation fund could use one or two stocks like that! :-)

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Comments

  1. Posted by Mousefinger on December 29, 2004 at 8:28 pm

    Hmmmm…I’ve been watching (ANTP) for a while as well…looking over at ShortSqueeze.com ( http://shortsqueeze.com/ ):

    Shares Short…………… 64.00K
    Days to Cover………….. 4.571
    Short % of Float……….. 9.14%
    Total Increase / Decrease.. 82.86%
    –
    Shares Outstanding……… 2.25M
    % Insider Holders………. 68.88%
    % Institutional Holders…. 0.09%
    Float…………………. 700.00K

    Hmmmm…9% of a 700K Float….hmmmm….

  2. Posted by Michael on December 29, 2004 at 9:08 pm

    that’ll do it! :-)

  3. Posted by jason on December 29, 2004 at 11:51 pm

    I expect low volume in a week like this. Personally, I don’t read into the low volume as an exhaustion high for this week. What interests me, and may keep me on the sidelines, is next week where we may have people locking in profits after the tax year as 2004 was an up year especially in some sectors. In y2k after QCOM ran 2600% in 1999 it sold off sharply on Jan 3 ( I think that was the first trading day that year). Granted, the market did not go up in 2004 as it did in 1999 and the things I am looking at aren’t 2600% gainers over the course of the year, but the potential for locking in gains near a multi-year market top in a new tax quarter/year with some 200-400% gainers may draw the prices down next week and off of that high shown today. All that with Volume!

  4. Posted by artlu on December 30, 2004 at 9:15 am

    Unlike TZOO, ANTP is still a short candidate by many brokers. As the big guys pile out of the large caps at the end of year, many small caps will continue to rally in Q1 of next year. Such small caps as INCX, INMD, etc. ANTP is also a short candidate on any sign of weakness, and is a long candidate on any upward trend.

  5. Posted by Mousefinger on December 30, 2004 at 10:46 am

    Hehehe…and the Bullish insanity continues with (ANTP):

    Now that’s a fire!
    :-)

  6. Posted by Michael on December 30, 2004 at 10:55 am

    I’m tempted to short it (CyberTrader even has shares to borrow) But maybe I’ll hold off until it touches 100 :-)