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Technology Stocks : FORE Inc.
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To: Honor First who wrote (9849)12/3/1998 5:11:00 PM
From: Ed Frye  Read Replies (1) of 12559
 
Hi HF,

The candles place great emphasis on closing prices. Recall my words :)

".....Therefore, assuming we close above 17 1/2 today, which is required to confirm the resistance breakout, I would not expect a retracement to 15/16 in the near-term..."

Since we did not get that close above resistance, you may get the 15/16 you are looking for.

Profit-taking following the sharp rally of the last 6-7 weeks, the expected devaluation of the Brazilian currency, and the European rate cut (which reduces the liklihood the US will cut again) may have overcome the market's most recent bout of "irrational exhuberance." Market leadership recently changed from internet to chip stocks. Both were getting slammed at the end of the day. All in all, I'll be surprised if the broad indices can rally tomorrow.

ed
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