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Technology Stocks : Systemsoft Inc. (SYSF)
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To: Andrew G. who wrote (108)7/19/1996 1:46:00 PM
From: Jim Roof   of 3529
 
Andrew:

I think your statement is true but the cart may be before the horse. It is the aggregate action of the single issues that make up the composites. It is when tops appear that the market dives. The tops have appeared, the breakout was started about a week ago and now, IMHO, we are seeing a pullback rally. IF THIS IS TRUE, then the recent lows will be tested within a week or two and may even give way to lower prices.

The COMP is a clear head and shoulders top and the tues. & wed. were a good 40-50% retracement of the breakout. Technicians generally regard this territory as prime shorting ground.

I also would add that saying that perfectly healthy stocks might suffer from reversal tops is a little bit like saying a person is perfectly healthy except they have cancer. A stock that has topped is not healthy - however, the company MAY be. I think this is an important distinction.

Good luck,

Jim
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