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Technology Stocks : Ascend Communications (ASND)

ASND 212.01

-0.6%

3:59 PM EST

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To: Teknvstr who wrote (10063)	8/28/1997 9:10:00 PM
From: Narotham Reddy	of 61433

Expect Strength into the Labor day weekend From: Bedford & Associates Research group Thursday, Aug 28 Where Do We Go From Here... Yesterday began with marginal strength. In fact, the DOW pushed to a double digit advance before bulls lost their nerve. That was not a huge surprise. We have been suggesting for the past three sessions that this decline would not end until bulls got a successful test of the OEX 875 level. Shortly after 1:30ET that test came. Does this mean bulls are out of the woods? In the very near term the answer is probably yes. The markets are oversold and due for some form of technical bounce. The magnitude of that advance will be instrumental in determining just how much lower the market will fall during this corrective process. We do not want to confuse the matter. It is safe to assume that the near term (next two or three sessions) should bring a pretty good technical rally. The first important resistance level is the intermediate term moving average at OEX 897. If we can get through that level, and there is a decent chance that may happen, bulls could push the OEX near 910-912. If we do move to those levels the market will suddenly get very interesting. There will be many bulls breathing a sigh of relief and talking about new highs. Don't believe it. The market is actually in very poor technical condition. Our long term momentum work is rolling over. The last time this occurred the DOW fell almost ten percent. This time the selling could be even more severe. Our strategy is very simple. We are inclined to buy early weakness for each of the next two sessions. Assuming that bonds do not collapse, bulls should have the upper hand through early Monday. Stay friendly.. -- Narotham Reddy

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