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Technology Stocks : NEXTEL
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To: Ed Pittman who wrote (7774)9/28/1998 6:20:00 PM
From: Ken Benes  Read Replies (1) of 10227
 
Ed:

My Elliot Wave software is saying that we are currently in wave 4, of a minor inverted impulse. Current targets are between 8040 and 8263 before we head down in wave 5.
Unfortunately, all of these prognostications are held hostage to the uncertainty surrounding the derivative markets. The Federal Reserved backed ballout of the hedge fund and the abrupt specter of a cut in the funds rate are clear indicators of the severe systemic pressures in the markets.
Contrast this to the frothiness in the internet stocks and the dismal earning prospects for the third and fourth quarters, and it is not hard to imagine any kind of surprise causing the markets to decline in a severe fifth wave.
Relating this to nextel, the upside is very modest while the downside could be substantial.

Ken
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