Applied Magnetics Corp Message Board

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Technology Stocks : Applied Magnetics Corp

APM 1.400

0.0%

Nov 10 3:59 PM EST

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To: Frodo Baxter who wrote (12007)	5/27/1998 6:09:00 PM
From: T Bowl	Read Replies (2) of 12298

I'm covering... My reasoning follows... We've had one of the prettiest APM charts ever(for shorters) lately. This is a result IMO of the recent WDC/IBM announcement AND the recent general market mood. Both have played an important role in creating a 50% drop in price during the last 3 wks. Both the tech stocks and the DD sector has been in the dumps lately. If today's market movement really indicates the end to the short term correction then I think that the APM slide is over as well - for now. Plus $5 seems to be a nice # to hang around at for a while. For some reason my gut says that we'll hit resistance here. Maybe even a short pop while shorts cover and APM bulls decide the bottom is upon them. I really wouldn't be surprised to see $7 in the next few weeks. I'm covering in the morning and waiting for another golden opportunity to short again. I take back everything I said about holding until $0 this time; my itchy finger just can't resist this one. I don't have the patience or confidence that LK does. Puppet #1 makin' a dash for the exit, todd

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