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Technology Stocks : Egghead Computer (EGGS)
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To: HairBall who wrote (2043)7/23/1998 4:38:00 PM
From: Philipp  Read Replies (2) of 8307
 
What a disappointing day! I didn't watch it too much, since I
don't want to become an SI junky (read about that yesterday).

I certainly expected a break-out above $ 24 today. Good chart
+ AMZN earnings, bullish for EGGS (though not necessarily for
AMZN short-term). And you people were telling me that the MMs
manipulate the market to generate volume. How else but by
generating a move about $ 24 to entice all the hot money? Just
think about all the volume that would have generated. I guess
they gave it a try early in the morning, but the hot money was
not interested, still busy with AMZN. AMZN and YHOO looked pretty
tired in the afternoon, not much of a long play there for a
while. Where will the hot money go this time? It was EGGS last
time.

Mildly positive points:

1. Support at $ 21 1/2 held.

2. Short-term uptrend still there, but very weak.

3. EGGS did not end on a negative note, but held up pretty well
while the rest of the market was collapsing.

I doubt that a big move up could come while the rest of the market
continues to collapse or AMZN/YHOO crash. I also don't see
any strong downwards pressure on EGGS (at least till earnings).

No predictions for tomorrow. May depend on the rest of the market
and what looks most attractive to the hot money. Only two more
days till earnings.

Good trading,

Phil
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