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Technology Stocks : Compaq
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To: Elwood P. Dowd who wrote (81719)4/26/2000 10:41:00 AM
From: Andreas  Read Replies (2) of 97611
 
Elwood;

The 30 dollar syndrome will never, ever end until we get rid of the propensity to drop to 25 every time Clinton passes gas (aka farts) thereby allowing a ton of profit and the usual profit taking at 30. The periodic drops to 25 are a result of a disproportionate amount of stock controlled by daytraders and momentum types. It is these very same players that pushed cpq up 4 bucks in one day (again an overreaction). The institutions have got to come back. until then we're screwed.

On the bright side - I believe that yesterday's conference call went a long way to rebuilding confidence (the number one ingredient to bringing back institutions). ML's modest upgrade was a begrudging acknowledgment that cpq is making progress. Don't forget ML hates cpq - they got burned big time by the ep and em fiasco. They had upgraded cpq to 1-1 or whatever their highest grade with a price target around 70 when bamm - down it went. I know of a friend with an account at ML that was fit to be tied. He had just bought cpq around 49 courtesy of ML when the _____ hit the fan. That has left one major sour taste in ML's mouth.

In addition, lets not forget that cpq was 33 around a month ago!! Now we're at 29 and change and struggling to hold that. So far nothing has changed my mind to bail at 32.50. And rest assured I'm not the only one thinking that - there is tremendous resistance at 30 to 33. At this point I really don't care if cpq hits 36 or 40. I'll be gone with a big good riddance. One caveat - if I see evidence that institutions are jumping on board then maybe i'll rethink my position. Until then we either day trade this pos or wait until institutions are back.
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