Market Gems:Stocks w/Strong Earnings and High Tech. Rank Message Board

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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank

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To: Judy who wrote (13546)	8/29/1998 7:27:00 PM
From: Judy	Read Replies (1) of 120523

I consider cci to be the bellweather of multinational banks, and the first time it approached its 200-day ema its trading action and the overall market context implied it was a short on retrace up from key support. When the bellweather of a sector starts falling apart, it portends the whole sector may be going to hell in a hand basket. Fundamentalists were alert many weeks ago as to the vulnerability of multinational banks as to their foreign currency instablility via derivatives. Those trading the multinational banks on the long side on any retrace up, don't overstay your welcome. Those trading on the short side, hit the stocks from the top ... the market and the international financial context will bring them down, way down. When their derivatives exposure is unknown, a bottom cannot be set. In certain senses .. this sector reminds me of the saga of the oil drillers ... falling knives since early this year. Thus far, I like cci and cmb and mer on the long side when bottom has set. But I have not examined the sector in detail yet. ag, you used to be a good fundamental investor before the options craze. What say you?

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