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Technology Stocks : Western Digital (WDC)
WDC 221.51-0.3%Jan 16 9:30 AM EST
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To: Sam Citron who wrote (10693)7/29/2003 2:05:28 PM
From: Return to Sender  Read Replies (1) of 11057
 
We already had the dead cat bounce on Monday so I am not expecting a yo yo effect. That being said WDC lost over 29% of its value from the high of 13.47 to the low of 9.50 in 9 trading sessions. The stock is consolidating above 9.50 with the selling volume beginning to wane. If the stock does not continue lower then naturally the next move is up no matter how slow.

Over the course of the next week it would not be surprising to me to see at least 1/3 of that or perhaps nearly a point recovered.

Keep in mind that I believe the market itself is priced to perfection. I do not however believe that to be the case for WDC. This stock lost 29% of its value simply based on fear that the RDRT acquisition may not be a fundamentally sound move.

I won't argue that it could potentially be a fundamentally bad move. What I would argue is that there has indeed been an extreme downward move that has taken place.

I am putting forth an opinion from a technical standpoint that should ultimately allow for a move higher in the intermediate term. That move higher should start no later than Thursday unless the market completely melts down. That also is not in my opinion out of the question.

RtS
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