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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 665.67

-0.9%

Nov 17 4:00 PM EST

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To: j g cordes who wrote (36404)	3/12/2002 9:42:09 AM
From: Johnny Canuck	Read Replies (1) of 68091

Jim, $10 is an important psychological level. If it fails to break above it soon, RMBS will fall back to the lower support levels. Till it proves it can stay above $10, I doubt you will see much institutional interest. It still amazes me the amount of negative and positive PR that surrounds this stock. Given the stakes though in the form of royalties I can understand the necessity of the industry to crush RMBS. I saw the same kind of industry sponsored negative PR on QCOM when it was trying to establish CDMA. The GSM supporters actually hired so called experts to dispute the CDMA claims publically. It has nothing to do with technology and everything to do with business. It looks like the LU and NOK warnings will start to pressure the techs now. In the absence of specific news the market has rallied on the premise an improving economy will raise all boats. With warnings season now in full swing we will get to see how well the recovery is taking hold. My expectation was that the recovery would take longer than expected, so the strength of the current rally has surprised me. It will be interesting to see the reaction to this pull back. Technically the market still looks strong.

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