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Technology Stocks : NEXTEL
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To: Arnie Doolittle who wrote (5376)3/30/1998 10:45:00 PM
From: Ken Benes  Read Replies (2) of 10227
 
Arnie:

My guess is that tomorrow morning, the pre opening bid and ask will be in the 32 area. With the proliferation of index funds this past year, there is going to be substantial buying of nextel by these funds to maintain the representation of the 500 stocks which now includes nxtl. Nextel has been trading so very tight the past two weeks. During the past several days, the stock drifted lower on very low volume and it appeared to me that the mm were unable and unwilling to sell into the decline to shake some stock loose. These same market makers have been collecting what appears to me a huge inventory of nxtl stock this past month which I have stated they will only begin selling above the 32 dollar range. My charts indicate that the next move in nxtl will top out in the 35 to 36 range followed by a retracement which will in all probability establish 32 as support. From there a move up to the 46+ range can be expected by mid summer.

Ken
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