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Strategies & Market Trends : Technical analysis for shorts & longs
SPY 681.92-0.7%Dec 31 4:00 PM EST
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To: Clint E. who wrote (22727)8/11/1999 3:33:00 PM
From: Johnny Canuck  Read Replies (4) of 69350
 
Clint,

I just talked to my broker, one of his clients bought PHCM last week
in the 40's and sold today in the 80's. It is a wild market, but I
can't help feeling the intermediate trend is still down. It looks
like we are challenging 1300 on the SP500. A break and close above
means, we run to the upside for a while.

I am looking to short NSM when and if INTC breaks to the downside on
some return of the market to sanity. The next Q should be flat for
revenues as they exit their x86 business. Analog products make up 66
percent of sales, but that segment is only projected to grow in the
teens for the year. Gross margin looking to be flat next Q.
Improvement in margins not be occur till the later half of fiscal
2000. They are looking at a target of 50 for gross margins, up from
the current 31.Price targets seem to be on average 32-35 by the
analysts. Upside resistance at 27 (here now) and 29. Downside target
20. In a down market there should be no reason to hold this company
short term. Intra-day buying the last two days has been heavy by the
institutions. I can't find a valid reason why at this point though.
Anyone see any flaws in my reasoning?

Harry
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