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Technology Stocks : Superior Telecom (NYSE: SUT)

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To: av ram who wrote (25)8/29/1997 12:04:00 AM
From: MikeinSanDiego   of 41
 
Av, I sold an extended SUT on July 14 @32 dollars and shortly there after SUT retraced part of it's gains and it was 5 weeks before it ever saw 32 dollars again. ( imo ) SUT retraced because it hit the upper trendline,was overbought and the rally was being fueled by the little guys buying (1,000,share blocks or less) and the big guys (10,000share blocks or more) were selling. This trend of the big guys selling and the little guys buying reversed in mid August as the moving averages tightened and I documented lots of large block buys with these being the largest blocks on each particular date 8/13-(20,000 share buy),8/15-(45,000 share buy), 8/16-(15,000 share buy). I was already fully invested in mid august or I might have thrown some money at it again, As we all know SUT broke out big on 8/19 for a quick 25% gain in 8 days. On 8/27 and 8/28 SUT has had several large block sells with one block sell over 85,000 shares. SUT has also penetrated it's upper trendline,(imo) considering these factors I would sell now put my money to work somewhere else and then buy back later at a lower price. Sorry for the wordy answer but I thought it would be better than saying ....I'm not an investor, I'm a trader. Good luck with SUT but a word to the wise Vinik owns a wad of this company and he likes to sell into strength!.
Mike in San Diego
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