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Technology Stocks : America On-Line (AOL)
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To: Tunica Albuginea who wrote (21480)6/11/1999 4:24:00 PM
From: Steeny  Read Replies (2) of 41369
 
There are 4 major technical levels to keep in mind.
Supports:
88: This was a serious consolidation zone on the way up and will become a major support level on the way down.
75: the 200dma is always a major technical target. Stocks tend to gravitate toward them around once a year. Many techs and inets were on the 200dmas in October.

Resistance:
112(moving): we are now trading with a negative trendline. I am tracking this line at 112 currently. If we close above that, it will be the first bullish sign. This resistance will drop quickly as time goes on.

120: the most recent major peak which we declined from (also the 25dma). If we close above on heavy volume, second bullish sign. The other peak at 140 would be the next.

Market will be scared until after CPI and Greenspan speeches. Everyone should realize the Fed wants this tech selloff. They have hinted at "the speculative bubble" for some time. The recovery will come when the #s start coming out weak. Stocks are following bonds. Everyone should look at a graph of 1996 vs internet stocks. Bonds rose from 6%-7% and AOL and others got slammed. Obviously at that time, the Inets didn't have as much interest as today. Overall, the stock market did well in '96-MSFT did very well. There were no stocks at that time which had PEs like the inets have. This is uncharted water.
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