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Technology Stocks : Intel Corporation (INTC)
INTC 50.59+4.9%Feb 6 9:30 AM EST

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To: Sajjad who wrote (6894)12/27/1996 7:08:00 PM
From: jack c rains   of 186894
 
All: Well, everything looked great early before the
markets opened. The overseas markets had held their own; our
economic reports were okay; the bonds were doing well - but
the one thing that spoiled the tech party was Computer
Associates announcement of revenue problems.

In any event, today I didn't play any games and sold out of
all Intel positions except one that I have had for quite
some time. The positions that I picked up this last time
down were sold for small profits - but profits nevertheless.
We had the gap in Intel and when it closed and ticked 2 more
ticks down below yesterday's closing price - you had to go.
And, go I did. The rest of the day I was able to relax
concerning Intel as I had put away all that I wanted for the
time being and it was not making any apparent headway to go
back above Thursday's closing price.

The Dow did go to a new closing high - but it didn't impress
me much. It is still well below its all time intraday high
of 6606 plus. And, although the S&P was up a little, it was
a long way from making a new high. As for the Nasdaq, it
sold us out today because of the CA thing.
In conclusion, Intel made a lower high and a lower low
today; thus, it started its downward trend in here. To
reverse it, Intel will have to go Monday to above 137 1/4
while also staying higher than its low of today. That's
always possible as trends can be reversed any time. And, the
way that Intel moves several points a day would make that
easy. But, we will get our answers sometime Monday as
trading begins and continues through the day.

So, everybody relax for the weekend and prepare for next
week. It should be something.

Sajjad: Yes, on Thursday one more tick down was needed to sell Intel.

I'll be back on Sunday night. Good trading. Jack
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