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Technology Stocks : LSI Corporation
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To: sea_biscuit who wrote (21838)4/5/2000 6:58:00 AM
From: Robert Scott  Read Replies (1) of 25814
 
Well - I was buying at 1:30 yesterday @56. Also bought ATML @ 42, NSM @ 48.5 and NTOP @ 43.5. I was on my couch watching the NAZ drop like a stone - it didn't go up at all from about -300 to -575. There are many times when around 2PM marks the low point so I was waiting for that as my sister was using my PC. When I saw the NAZ turn at -575 and hover for a minute at -570, I kicked her off the PC and bought. It was amazing that I was actually able to get my orders in (I use DLJDirect). I was very fortunate to have pfizer to sell to raise the cash. I have been an observer of this type of activity (never had the cash to actually get in) and it represents a bottom. Over the near term, I expect a selloff today from traders who jumped in at the lows but I believe we will bounce from there and end up not much worse than the close today. From there we should rally into earnings and then a retest of the lows. This is definately a traders market. At this point, there is no way the Fed will raise rates again after May and may not raise rates in May if the market is especially weak leading up to the meeting. This will set up a longer term rally from summer through the rest of the year. I expect we'll finish close to the year's high. All IMHO.
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