Intel Corporation (INTC) Message Board

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Technology Stocks : Intel Corporation (INTC)

INTC 48.80

+5.0%

3:59 PM EST

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To: Khang Tran who wrote (7426)	1/6/1997 12:35:00 AM
From: jack c rains	of 186894

All: All the technicals are so bullish that it is hard to see how the market can't go up tomorrow - at least to begin with. Most of the overseas markets are up at present,even Japan. I expect most of the European markets to be up when they open. The scochastics on all 3 major indexes is close to a 70 reading (which begins the overbought area). In the past when this reading has been exceeded into the overbought area, the markets have went up on balance for extended periods of time (1 to 4 weeks at least depending on whether they are going to higher minor tops or higher all time highs). The advance/decline lines are all higher or at least even. The Nasdaq is climbing in its relative strength to the S&P according to Monday IBD. That makes sense as the Nasdaq was further away from the overbought stage since it was sold down more during recent downtrend. Most of the major tech stocks closed on or near their highs of Friday. The only negative that I can see is that we had such exceptional moves up in the indexes and Intel. Usually, when that has happened, the next day or so has corrected that some. So, it's going to come down to the opening. If we get the big gap up and it holds, we are on our way to test the 141 1/2 all time high in Intel. If we are fizzling around, then it is time for caution. My early resistance is 139 with 141 1/2 all time high next for Intel. Early support is around 136 7/8 to 137 1/8. I'm not going to elaborate on the indexes except to say they and Intel should go to new highs if Monday and Tuesday are both up. If one of those days are down, that will be in question and we will have to wait and see what develops. All for this evening. Good trading. Jack

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