My fault...I thought you questined me about it and I said I was in a hurry and to get back with me later...then I never heard from you again....no biggie...and not alot of time now either.
My reasons were/are plain and simple. One, the charts did not show a stock basing, they showed a stock that had tried and failed on several occassions and price points to hold a base. two, market sentiment....it doesnt matter what you or I think, the houses are targeting the storgare sector right now as they are, and have done with every other sector. Three, valuation. I said awhile back when ntap was much higher that valuation is what TODAYS market thinks it's worth, not yesterdays or tomorrow's....and TODAY, the market is saying it thinks ntap is overvalued. Now, weeks later, that point certainly has been validated as TODAY the market does not think ntap is worth $25. Four, shorts are still out there and they are targeting whats left to target. Stocks like NTAP and EXTR with high PE's were prime targets, as well as stocks with small floats that allow the volatility that the shorts love ( ie- newport, lpth and etc). Five, economic recovery is no certainty. NTAP isn't going anywhere until economy and naz gets healthy.
Thats all I have time for now....but let me finish by saying I still love ntap the company and think in the long run it will do just fine. My reasoning is based soley on what I feel the stock itself has in store for the near to mid term. If I had cash to spare, I would be slowly buying ntap at this level...cautiously, as lower it very well could go, but nonetheless I feel long term she will be just fine.
Ugly day on naz.......doesnt bode well for next week. Greg, where do you think naz bottoms if we breach 2000 which looks liley next week? I think we are enetering unchartered waters....on one hand, I am deathly afraid of being in tech right now, on the other hand, I am deathly afraid of not being in tech right now....yes, call me skitso and multi-dimensional, fer sure.
Thanks Keith |
