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Technology Stocks : Ascend Communications (ASND)
ASND 221.33-1.3%3:59 PM EST
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To: P. Ramamoorthy who wrote (6502)7/13/1997 12:05:00 AM
From: WBendus   of 61433
 
This is how I read the technical picture and trading action over the past few days. I suspect that much of the run up was investors and trader putting on half of their positions before the earnings announcement. Good or bad, they will be putting in the remainder of their positions after earnings. If their is weakness in the stock near earnings, then it is weak knees getting shaken from the tree (this has allready been exhibited). Those houses that came out with bullish comments on the stock early this month are going to be beating their drums again, upbeats, after the earnings. The second half of July through October is typically a very strong period for technology stocks and the brokerage houses know this. Since the stock has not come down to fill the gap created 43 3/4, that makes it a classic break away gap! The most recent trading resembles that of a bullish pennant. All of the ingredients are in the pot for an EXPLOSIVE rally.

1) The fertilizer. A great company that has hinted that there is no problem with current earnings.

2) The casing. Bullish analyst comments and positive news flow for the entire industry.

3) The fuel oil. Extremely positive technical developments.

4) The blasting cap. Shorts, 24.3% of the float is shorted, up from 19.9% a month earlier.

I will likely be doubling my position before earnings, then I will double again after earnings.
Wayde.
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