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Technology Stocks : The New QLogic (ANCR)
QLGC 16.070.0%Aug 24 5:00 PM EST
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To: Rick Smith who wrote (11486)10/19/1997 6:18:00 PM
From: Craig Stevenson   of 29386
 
Rick,

<<Technically speaking ANCR was a strong buy at 9 3/8. Once it didn't rally from there, it created another strong buy signal three days ago at 7 7/8. Looks like it should be an easy trade to the 9 7/8 level where I anticipate the moving averages will converge over the next two or three weeks. But something else may be pushing this stock down that we're still in the dark about. I'm just not confident that technical analysis is going to work with this one right now.>>

What moving averages do you use? 50/150, 10/200, etc.?

I called my broker on Friday, but he was out, so I had to speak to their firm's "trader". He said that he had bought some ANCR on Thursday, so he must have seen something in the charts too. My trading system issued a "short cover" signal on Friday. (I guess I should have listened when it said to short in the first place. <g>) No buy signal yet, but we were VERY close on Friday.

I have heard that 80-90% of the foreign Reg-D shares have been converted. The actual figure might even be higher, but I haven't been able to confirm any of this with Ancor. I have also heard that very few of the domestic Reg-D shares have been converted. It looks like those investors are after the warrants.

Craig
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