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Technology Stocks : Ciena (CIEN)
CIEN 210.71+3.3%Dec 18 4:00 PM EST
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To: Sam Citron who wrote (395)6/16/1997 4:25:00 PM
From: Tom Hua   of 12623
 
Sam, in my opinion, the downward pressure did not stem from the law of supply and demand alone. CIEN has attracted plenty of momentum players who are in for as long as the stock is moving up, and will quickly dump once the peak has been reached. If CIEN fails to retrace its high into the 50s soon, I think you'll see more selling pressure. On top of that, a lot of new shorts are waiting for the chart to show sign of weakness. The climate may be ripe for them soon. We'll see. This is based on short term technical trend and psychology. For longer time horizon, one should really look at other fundamental issues and the high intrinsic risks associated with this stock, such as those discussed in Barrons, the Washington Post, and of course right here on this thread.

Regards,

Tom
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