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Strategies & Market Trends : Gorilla and King Portfolio Candidates
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To: chaz who wrote (4369)7/30/1999 8:19:00 AM
From: John Carragher   of 54805
 
chaz

ntap notes (kensey @ clearstation and graph) for those interested in ntap

At which point we turn to Network Appliance (NTAP).

Early morning trade saw a quick drop to 52 and change at which point
the stock turned up sharply against the decline in the broad market
and hit 58 before drifting off to sit at 55. End of day buying took
the stock up a few ticks and here too things ended on a positive
note.

52 offers support.

This is a short term trade with a stop out at 51 3/4.

52 was the price point at which NTAP exited an extended 12-week consolidation
area between a pair of banded and downwardly sloping trend-lines (these are both drawn
in). As such, 52 now represents support and in fact prices have held above this price
level over the past week in which intra-day volatility narrowed from the sharp pull-back
from mid 60's.

Any potential firming of the market here should take Network Appliance with it.
The volume swell Thursday was impressive and it appears sellers and profit takers
have departed.

Sentiment towards NTAP has improved dramatically since the addition to the
S&P 500 about a month back. This to me composes the more significant facet
of the fundamental backdrop. Which is, getting the word and story out. Which
S&P 500 addition seems to accomplish.

Goldman place the stock on it's famed 'Recommended List' back on May 27
(ohhhh ahhhh.).

kensey

See the annotated graph of this recommendation at:

clearstation.com

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