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Technology Stocks : Cymer (CYMI)
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To: flickerful who wrote (3153)9/24/1997 10:37:00 PM
From: D.J.Smyth   of 25960
 
over 110K shares traded on the buy-side which could have meaning only if tomorrow shows strength (only two or three sells at $31 7/8). some of this, no doubt was short covering by professionals. what i've noticed the past few days is that many, many trades both block and otherwise have been traded at the bid with no subsequent upward price action which can generally means that MMs (some of which are able to buy/sell with no markup) are (a) playing this against the perceived fear of longs or (b) have no clue in their own thinking as to where CYMI should be price wise. there's either a lot of wolves trading this stock with no idea as to what this company is about or there's a lot of angels doing there best to prop the price. From experience I'd say it's just a bunch of wolves.

relative to monthly oscillation the stock is worth no less than $34.25, which means that CYMI continues in an oversold condition. Stocks generally don't stay oversold for long, especially stocks like CYMI. It can get more oversold, but the rationale for doing so is mainly unthinking fear. both fear and greed hold prisoners, but a stock 75% of the time will move back toward its median price within three to four trading days of being oversold. this is the second day. Thursday and Friday would make the third and fourth day. It would be unusual if CYMI didn't move up bountifully prior to closing Friday afternoon.
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