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Technology Stocks : Qlogic ( QLGC ), Right time to BUY ?
QLGC 16.070.0%Aug 24 5:00 PM EST
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To: PLegee who wrote (517)5/31/2003 1:01:33 PM
From: PLegee   of 519
 
Stock did reach 50 as expected, but I think we go sideways or lower short term. Nonetheless, lots of institutional selling at 50 and the stock still held up very well. Pretty impressive that the stock fought through heavy resistance, an AG Edwards downgrade, and still closed above the mark in only its first attempt at the 50 barrier:

iw.thomsonfn.com

Markets must be getting pretty close to taking a little bit of a pause, too much bullish optimism. A pullback here could actually be beneficial before resumption of the next leg (IMO) which will be higher. Any adverse global news, stalled economic indicies (please, not another summer sell off again this year) or blue chip trip up will give markets the excuse to exaggerate the correction of stock prices short term.

If QLGC can once again close above 50 after either a short term market pullback or better yet base above 50 for a short time and establish it as a support level, we will reach 57 before its next resistance. Fundamentals appear to be still in place based upon the last quarter's CC and no contradictory data or statements out since. At 57, the PE would still be under 50 which is reasonable for this growth stock with higher earnings projected.

Paul
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