Bookham

[shelman]

I've been watching BHM for the last week and i think something is up. The MMs , normally very harsh on pricing, have been tempting sellers. Also i think a big player is very quietly accumulating. I've been caught out before misinterpreting these signals so i hav'nt bought.
Any views?
Steve

 

[darth trader]

I can't see any sign of accumulation - since the start of the month (May) negative volume index has been falling suggesting sales on "quiet" days rather than buys.

Having said that there is a strong descreasing volume trend since the start of the month that has turned round this week.

 

[Riz]

It's got strong support around the current level as I posted on the other BHM thread...but I've been watching it intraday for last few days, just can't see the spirit in it to make a good bounce...looks like it needs +ve news before doing that...

Riz

 

[ChartMan]

There was positive divergence on Velocity,CCI and TCI preceding the 850 to 1400 rise in January.We have the same divergence now...Since mid March.Other indicators look ok except Stochastics.Got to be worth following closely.....

 

[shelman]

Not a major notification but it explains why the price held up :-

Bookham Technology : Holding in company
21/05/2001 17:18:58

Name of shareholder having a major
interest: Morley Fund Management
Limited (a subsidiary of CGNU)

Number of shares acquired: 1,008,732
(0.78% of issued Class)

Class of security: ordinary shares

Date company informed: 21st May 2001

Total holding following this
notification: 5,206,466 (4.05%)

ICV Edited News
END (TER)

17:18 May 21 2001

S

 

[Riz]

Up +59 (16.7%) 412...

It is actually these rumours pushing her up, Steve...see the performance in US: BKHM 6.60 +1.25 +23.36%

JAGfn Rumors (BKHM )

Bookham Technology (BKHM)$6.62. Rumor that an Israeli company will make a $10 bid for the company. (BKHM) was unavailable for comment.

Riz

 

[shelman]

Absolutely right about why the price is up from the 21st, Riz but i was referring to the period prior to my post on the 17th when BHM traded sideways despite the fact that, on most days, small sells far outweighed buys . Over the last few months this would normally have resulted in the MMs marking the price down very quickly.
This imbalanced was usually corrected by a single modestly large buy daily.
Someone, maybe Morley, was able to acquire 1 mil shares at an average of 345p . Not a bad profit so far.
Pity the rest of us didn't notice it.

 

[Riz]

Up +17 (3.7%) at 473.5..

Something BHM made me realize once more: I have to go with my innate feeling and not let shorters make me hesitant when I feel a share is a long as a result of my research...the fear and shorting superiority inherited from last TMT crash has to be kept under control, otherwise we can never go for the kill...

Interesting..as last year it was about to overcome the hype, greed and longing superiority and be brave enough to tell oneself that the loved ones might crash, ie. calling BHM a freak when they were 10s of £...

Ever since BHM started to rise from around 360 my innate feeling was to go long on 3k cfds, as I had concluded that BHM was basing its bottom around 350 long time ago, but listening to many shorters and traders still under the spell of last crash caused dithering and missing out on this one...not a big deal but it has to be noted if I intend to improve my trading skills...once again the fact that trading is not only knowledge it's also psychology proves to be right...

Every single trade together with the missed ones have to be assessed and learnt from...I have to learn everyday if I want to be a successful trader and not one of those 80% who lose...

Riz

 

[Riz]

By the way, Sharky...what's wrong with our signature?

Riz

 

[Riz]

Got in on Friday challenging the negative sentiment in UK and relying on the buy on dips sentiment in US which I keep repeating here...next week we'll see if I got this one right...anyone else got any positions on BHM?

Riz

 

[darth trader]

Riz, no position in BHM but I did close a FTSE short yesterday when the NFP figures were released.

I'm starting to look at techs again with a view to intermediate term holdings.

I'll be happier when wednesday's gap down on the nasdaq has been closed...

 

[Uncle]

Doubled in price from a low on the 3 April to a high on the 24 May.........now pausing for breath!!!

 

[Riz]

Thanks Darth, I am sure your looking at techs again will contribute to our tech threads here... agree with you wednesday's gap down on the nasdaq need to be closed...

John, nice to see you back and around...hope everything is ok your side...

Riz