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Technology Stocks : America On-Line: will it survive ...?
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To: Steve Robinett who wrote (5884)11/13/1997 11:14:00 PM
From: Investor-ex!  Read Replies (1) of 13594
 
Steve,

Thanks for your elaboration and opinion on the Reg 'S' placement.

After today's action, we have an unambiguously broken momentum stock. The folks handling this issue had very carefully cultivated a one-year trendline that even the greenest of investors could recognize. Today they allowed (likely) or were forced to allow (less likely) that trendline to end.

I agree that in the final analysis, though questionable in judgment, the Reg 'S' offering is a sideshow. This stock has been pumped up beyond all reasonable valuation for fun and profit. Now it will be dumped. I see support around 61 short term, the high 40s midterm, and the low 30s longer term. It could settle at any of these levels and then start a new uptrend.

The high 40s are the most likely. 61 is still way too pricey and the 30s would be a bit of a firesale. Still, depending upon the prospects of the economy going forward and the general sentiment that develops toward the Internet sector, even the low 30s are not out of the question.
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