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Technology Stocks : IBM
IBM 297.59+2.5%Nov 21 9:30 AM EST
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To: Robert Scott Diver who wrote (1902)11/27/1997 7:25:00 AM
From: yard_man  Read Replies (1) of 8218
 
It did break its 52-week high Wed. Robert. I will probably cover my short on Fri or Mon on the inevitable breather.

I still think that the stock is due for a correction of at least 10 - 20% in the next 2 - 3 months sans a market correction. If the market corrects I think there's likely to be a further decline. What was the low on Oct. 27? I think it will be there again within 4 months at the outside. "Look out below" may be an exaggeration.

Intel has a virtual monopoly on processors; it hasn't escaped an adjustment as none of the PC makers have. In fact some of these are now in a definite downtrend. IBM is of course "more than PCs." It has some decidedly lower margin businesses, too.

I just don't understand why it was close this week to its 52-week high. Doesn't make sense to me. That's why I shorted, but I'm not going to fight the tape -- perhaps we'll get 10 or 20 more points to the upside at which point I will be happy to short it again.

If you are sitting on a substantial gain. I would encourage you to keep your eye on it and when the technicals begin to weaken consider lightening up a little. You can always get back in.

IBM's 200 dma is about 93 or 94 I think. That was my target for the short. HAppy thanksgiving and merry christmas (especially if this turns into a sustained rally for IBM).
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