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Technology Stocks : Vitesse Semiconductor

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To: lazarre who wrote (1807)	10/7/1998 12:26:00 PM
From: The ChrisMeister	Read Replies (1) of 4710

"Ok, I know the V is oversold; that's clear. What's not clear to me is what's happening now-- up over 2 1/2 points on a further down day for the Naz and Telcom taking another hit..." I don't read too much into one day. Those big cap issues move more slowly. I think we just had a snap-back day here. Minor correction: We only touched the oversold level with the close at $18+, but have now come out of it with the up close yesterday. Sorry if I sound picky. The colloquial usage of the term "oversold" usually implies a stock (or the market) should be bought, but such is not necessarily the case. A great recent example is Premisys Comm (PRMS): it went oversold at about $18 after having been up near $30 (if I recall correctly); it's now trying to hold $6. A slipping of the fundamentals partly accounts for this. But the moral is: stocks that go oversold can stay that way for some time, which means they go down more. Sorry for not currently being a big cheerleader. ChrisMeister

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