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Technology Stocks : Read-Rite
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To: William Wang who wrote (3437)6/5/1998 4:59:00 PM
From: Gary Burton  Read Replies (1) of 5058
 
19 different blocks (10,000shs or over) with none of them crosses (back to back in same minute). Churning at the bottom and ending on a net uptick from the opening trade is a positive sign. If this follows through next week, the tide will likely turn ---to the chagrin of all the bears and shorts who of course know no more than the buyers. If there is positive news of a qual or 2, the shorts will likely panic That's what makes a mkt. At the bottom, the bears are screaming for blood based on all the negative news and potential risks (which is of course well known by everyone by now) and the bulls or flippers looking for a pop say "yes i know all that".So, in the absence of immediate news, the stock churns while forming a base from which to move higher. The positive divergences between price and indicators remain and are signalling that the stock is on the verge of turning with first test being 10. Just my 2c
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