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Technology Stocks : COMS & the Ghost of USRX w/ other STUFF
COMS 0.001300.0%Nov 7 11:47 AM EST
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To: Dwight E. Karlsen who wrote (9734)11/24/1997 11:46:00 PM
From: Ian Mahoney  Read Replies (2) of 22053
 
Today's Worden report, for what it is worth:

TIPS & HINTS (Monday November 23, 4:00 P.M.)

On Thursday we said, "Focusing on individual stock charts, there are too many that lack the power we would ordinarily associate with new highs . . . Some key tech stocks actually look as if they are rallying up towards excellent shorting points. For example, DELL, INTC and CPQ each look as if they might be good shorts if they make it up to their 50 day moving average (on daily bar charts). No BOP or TSV support. COMS also looks as if it may be a good short on a further rally, but we doubt it will make it up to the 50-day moving average."

Each of these three stocks was down at least two points today. However, none of the three got anywhere close to their 50-day moving averages, or for that matter, got any closer than when the comments were written.

So what does this mean? Does it mean you missed the chance? Maybe, but that would be of no consequence. There are always plenty of chances coming along. Does it mean that they are peeling off short of the moving average and should be shorted here? Possibly. The failure of stocks to reach intuitive targets on a chart often signs of greater weakness than anticipated. It's easy to imagine CPQ dropping another ten points from here. This would be the second leg down. It's easy to imagine INTC in a second leg carrying it down 20 points from here. It's easy to imagine Dell down 25 or even 30 points from here.
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