The New QLogic (ANCR) Message Board

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Technology Stocks : The New QLogic (ANCR)

QLGC 16.07

0.0%

Aug 24 5:00 PM EST

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To: R Verchota who wrote (14724)	2/26/1998 1:12:00 PM
From: Alan Aronoff	Read Replies (1) of 29386

Bob, I'll give you my current thoughts on ANCR's behaviour. 1. ANCR's pullback has nothing to do with fundamentals. It is purely technical in nature and as Ed points out, it is healthy. 2. I just have a hunch that ANCR will trade at least intraday below the 200DMA. I would feel very comfortable adding to a longer term position here but I want to use some margin with a shorter term horizon in mind. Since I do (and I know I'm in the minority) I will need to use a tight protective stop. Consequently I think there's a good chance I'll get stopped out if I buy now and put a stop at say $7 1/4. I'd really like to put a stop at $6 7/8 but that's 3/4 of a point below where ANCR is trading currently. Too far away unless I can load up at $7 1/4, the entry point I'm looking for. 3. If ANCR holds at the 200 DMA for the next fews days, I will probably become more bullish and will feel more willing to buy at the current level. 4. If ANCR takes off again suddenly I will have missed this opportunity. But I will be very happy to load up on a breakout over $9, the current resistance point. And since I sold my trading shares at $8 7/8 I won't feel too bad. And I do have a long term position. 5. I really hate that "My Discount Broker" ad on CNBC. Glad I use Ameritrade. Other opinions very much welcome.

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