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Strategies & Market Trends : Steve's Channelling Thread
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To: Paul A who wrote (22351)8/1/2001 3:35:13 AM
From: Steve Lee  Read Replies (1) of 30051
 
"There is still that outside chance that this was all a short covering rally for MU"

I think this is a partial explanation but that the major factor is the recent "announcements" of production cuts from Hynix and NEC.

Of course, Hynix is upgrading the 64 Mb plant to produce 256Mb chips - so no long term boost to the DRAM market there. And NEC is merely following its prior intention of switching DRAM production to its Elpida venture.

So on this "good news" we still have not got past the July 3 local high. Nice to see the higher volume and retreat from high of day today. Think this has just about topped out.

Had I followed my intention to cover on a break of $41, I would have reentered at yesterday's close, but unfortunately I was away from the market each time it broke $41 in the last few days. If it breaks the July 3 high, my position will be closed.
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