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Strategies & Market Trends : Intraday Updates, Analysis & Strategies for Daytraders

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To: shulz who wrote (40)	3/12/2001 11:59:44 AM
From: Lane Hall-Witt	Read Replies (1) of 589

shulz -- CIEN: I'd be extremely cautious on this one. CIEN had been holding 60-61 like a rock and just did an astonishing death dive through that level. I'm afraid it could turn into another JNPR -- held the 88-90 level for ages and then plunged through it and may not even be done here at 50. Same story with ITWO: held the mid-30s and immediately crashed into the teens after losing that support level. I like CIEN (and JNPR and ITWO, for that matter), but the psychology on it is turning, and there's no telling where support is when the psychology on a hot-money favorite goes bad. My two cents worth--.

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