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Technology Stocks : America On-Line: will it survive ...?
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To: Hawk who wrote (10179)6/4/1998 1:09:00 PM
From: Bob Kimball  Read Replies (2) of 13594
 
Pattern continues to be distribution. Weak hands are hoping for a magical salvation. Well, the basic fact is the "perfect world" scenario the market has been running on has been taken out and shot dead. AOL has been an icon of the rosy-glasses crowd and will get shot and buried before any resurrection occurs.

These pops are good news for the bears since they are failing. Today's rally is a reflex bounce from a short-term oversold condition. Look for more failures. The daily trend has turned down and with the overall market wobbly and faltering it may accelerate to the downside. Remember that AOL is still basically overbought on a weekly basis. Until that condition is neutralized sufficiently, there will be a number of rallies to sell into. If you are of the sell-and-hold persuasion, it requires patience, more typically applied in bull runs.
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