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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 684.84

+0.6%

Dec 22 4:00 PM EST

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To: j g cordes who wrote (17552)	8/7/1998 1:04:00 PM
From: Johnny Canuck	Read Replies (2) of 69175

Jim, It looks like PMCS left the station without me this time. PMCS is up 3 today so far. I don't have intra-day charts today, so I don't have a feel for what is happening. The site with the charts has a problem wiht its data feed. It has been flat line all day on PMCS. Looking at the options OI it look like a finish between 35 and 40 in Aug would let the most options expire worthless. First upside target is 38 from a technical basis. I have fair fundamental value at 36 dollars. Some analysts have at 12 month target of 49. They got a positive mention in a SmartMoney article today. That with the general bargain hunting in the chips and chip equipment today seem to pulling PMCS along. I still believe this is only a bounce in the market though. Devaluation of Asian currencies especially the Chinese YUAN is still a wild card.

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