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Technology Stocks : NEXTEL
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To: Mark McLeod who wrote (5429)3/31/1998 4:48:00 PM
From: Arnie Doolittle  Read Replies (1) of 10227
 
To ALL:

Was this a red letter day, or what? Here's my read on the action:

1. Today NXTL broke out of the cup and handle formation that I've been talking about for several months.
2. Today's volume was more than double the highest previous daily volume in NXTL's history.
3. A ton of stock went from weak to strong hands today. How much is anyone's guess but I'll say half to 2/3 of today's volume. I don't know how much of that is in index funds and I don't know how much more stock the index guys have to buy but all bet it's a ton.
4. The FLOAT had a sea change today with a substantial number of shares removed from the float. Weak to strong hands? In spades.
5. Pure shorts have reason to be nervous and those that didn't cover today will do so sooner rather than later.
6. Decent 1st qtr. adds will give the stock its second wind.
7. International news coupled with 2nd qtr. adds will carry to 55.

Arnie
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