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Technology Stocks : Compaq
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To: Nixpix who wrote (66276)8/3/1999 10:35:00 PM
From: Christopher  Read Replies (2) of 97611
 
NIxie, CPQ TA update.

In my last memo I indicated that the summer rally was over and that we entered a correction. I also indicated that August and September were the worst months for the stock market. I expect the market to turn around late September or early in November. November to January are the best months for the market. NASDAQ just closed below its 50 dma(day moving average) a bad sign indicating more to the downside is coming.

CPQ has been retracing but the good side of that is that it has been retracing on low volume and that is very important. CPQ advanced 50%(8 dollars) recently and has retraced about 50% of the $8 which is about $4 and that is normal. It will be also normal if CPQ goes down to 22 because then it would have retraced 66% of the $8. Short term CPQ is becoming oversold but intermediate term it is strong and that is very important. CPQ has very strong major support around 20.

Good trading,

Christopher
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