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Technology Stocks : Texas Instruments - Good buy now or should we wait?
TXN 159.35+3.9%Nov 21 9:30 AM EST
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To: TREND1 who wrote (2514)12/16/1997 8:54:00 AM
From: Mike Harvey   of 6180
 
TXN up or down? If you combine last 2 days' candlesticks, you'll see a long-legged doji. I don't know if it is kosher, per TA rules, to combine two days, but that's what I for one am doing. A doji, according to the literature, is a sign of indecision, and the longer the legs, the more indecision it represents and a relative equilibrium between buyers and sellers. When it occurs in a downtrend, it often - not always - signals the end of the downtrend. The next day's performance will confirm either a reversal or invalidate it; thus today is very important for TXN.

The key to today is how the market treats MU's earnings release. MU was down in early European trading per cnbc but not by a heck of a lot (though I now just heard Joe Kernan say that he saw a 20-ish price on Instinet, albeit little/no volume). TXN was up a quarter in Europe. IMO if by mid-late this morning you see only a muted negative performance to MU's stock - i.e., a non-tank - then this means that most of the negative news on the semis has already been built into prices, and that therefore TXN's 2-day doji does in fact indicate a reversal. If you see MU heading deep south, however, then forget about the possible reversal in TXN.
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