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Technology Stocks : CMGI What is the latest news on this stock?
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To: James Thompson who wrote (12225)8/4/1999 8:34:00 AM
From: gizelle otero  Read Replies (1) of 19700
 
Gizelle's CMGI "Technical Rap" 9/4 (from Raging Bull)

Hi there, Guys!

Well it doesn't take a genius to figure out that we are in a CMGI correction, the likes of which we haven't seen since the last one (or was it the one before?)....anyway, here's the way the tea leaves look:

Technically, we are well oversold. The trend is accelerating to the downside and shows not the least sign of reversal. There has been no capitulation, although yesterday we finally saw some decent volume come in on the sell side.

The technical indicators are telling me that we have not yet hit a bottom of any kind....I do not believe we are even within a week of such an event. Yet I wouldn't be surprised to see some sort of "dead cat bounce" very soon. It will not be the bottom, though, and I am willing to give the other gal the first couple of points to the upside.

Support is at $79 and $71, but DO NOT count on it. We cannot know how this correction will shape up yet.

I will keep you posted as things develop (or fail to). For you traders, it's too early. If you sold covered calls at above $110 and later than December, you might think of starting to unwind at this point. If you are long, get the cash out from underneath the mattress but don't spend it on CMGI....yet.

As always, CMGI_UP!

FYI: Gizelle Otero is a regular commentator on Raging Bull. Her views are her own and do not reflect the opinions of her sponsors or of this board. Do your own research before you invest. Hail to the lawyers!
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