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Technology Stocks : Gemstar Intl (GMST)
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To: Uncle Frank who wrote (3230)7/6/2000 3:11:48 PM
From: JH  Read Replies (2) of 6516
 
<Do you think this is a technical bounce, or are we getting ready for a merger announcement?>

I think it is the former... the conversion discount is as high as ever, at 20% (historic highs). If the merger was imminent, TVGIA should rally much more vigorously to erase the discount.

In any case, I like the rally in GMST. We've managed to break clear of the 200 DMA which had been capping the upside since mid-April. Next resistance appears to be at $70-3/8 (50% retracement of the range in 2000).

I believe we should punch through that without much trouble.
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