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Technology Stocks : All About Sun Microsystems

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To: techtonicbull who wrote (48728)	5/2/2002 5:37:04 PM
From: Steve Lee	Read Replies (2) of 64865

Another day of massive volume and no comeback. If we get capitulation, this could get below $5 and then the margin calls would really kick in. Look what happened to WCOM. If I thought tech stocks in general had bottomed (which I don't) I would be tempted to buy. I think the Sep lows now represent formidable resistance though for when SUNW tries to recover. It will take a lot of buying indeed to reverse this technical damage. Anyway, SUNW seems to me to represent more value in the short term than INTC or MSFT (and what happens in the long term is, frankly, anyone's guess). So SUNW longs who are worried they could lose even more in a general market decline might want to short INTC/MSFT or some high flying chip stocks such as LLTC, MXIM, ALTR or XLNX as a hedge. Those ones IMO have further to fall to reach "fair value" than SUNW does - if SUNW is not there already. I wouldn't recommend MSFT and INTC as shorts for a few days though (but I do think the other four chip stocks are toast from this point on). I would wait for INTC & MSFT to rise a little as those two have strong support just below here.

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