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Strategies & Market Trends : JMills' Center of Trades and News

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To: Andrew Williams who wrote (36)	1/23/1997 7:13:00 PM
From: Jeff Mills	of 57

Garzarelli turns Bullish Yes--what a fool she must look like in the Streets eyes. Turns bullish at Dow 6900--all time lofty level. By the way, the DJIA hit 6909 today and the Nasdaq Composite broke 1400--brushing in at 1400.83. The volume today was unreal in the markets. My data shows Nasdaq volume at a whopping 817 Million shares--possibly the second most active day in the Naz--of course that dandy of a day in July--when the Nasdaq dipped below 1000 for about 5 min (can you imagine!) was the most active with 900+ Million shares. NYSE volume a record 690 Million shares. What is very disturbing is the 3:15 market tank. Check the charts--the Dow lost 100 points in a matter of minutes. Friday could beat out todays record for volume. We still have lofty levels in the techs--like INTC at $151 5/8 and MSFT at $94 3/4. Selling could continue early Friday and--if no buyers step up--it could be a huge huge down day. CNBC called today the blowoff market top--as indicated by the huge volume. And this week options are not even a factor with expiry. TXN and MU were dandys today. Recall a few posts ago--I noted that I was a buyer of TXN on that dip it took back late Tuesday. Actually, I stepped up yesterday morning for the TXN block. The earnings out this morning were not that outstanding--but Wall Street was buying TXN all day long. Hit as high as $73 1/2, but finished at $71 offer, still up nearly $7. Hard to believe TXN was out there to be had yesterday AM at $62 1/2. The volume--8.08 Million shares--from my records the 4th biggest day since Jan 1 1995 volume wise. It broke out today in a big way. MU--now this is a dandy of a story. Just goes to show you that a 750,000 buy side order cannot go unnoticed. Thats right--a 750k block of MU was bought around 1 PM or so--at a price under $30. After that MU went chaotic--closing at $31 5/8 on 16.8 Million shares. Hit a high of $33 5/8 but did a double whammy reversal and crumbled more on the late day selloff. I still think MU has big problems--even as the TXN CFO said this AM--DRAM business is slow and getting worse. Still doesnt mean MU is not tradeable, however. The drillers--geez--thats all I hear about. HAL--Haliburton had a huge day--until it too sold off late day. NE--Noble Drilling, also was impressive. Both these stocks are new to me and I need to do some more research on them. Stocks I am looking at for tommorrow: AMD--I will watch this one, sold off very hard today -$1 1/4. ORCL--Down $1 7/8 on heavy volume--this stock has major problems and MAY even go sub 40 tommorrow--but I will look for a bounce. IFMX--One of the reasons ORCL is getting hurt--IFMX. Again, IFMX was having a great week--holding $24 ask all week (this is resistance by the way this week) until it got crushed in late day tankage--closed $23 offer. The drillers--NE, HAL In news after the bell--GATE had stellar earnings--$1.12 a share. This may help stop the selloff Friday. SYBS--Sybase EPS after the bell at 7 cents a share. However--they announced a mammoth huge large deal with FedEx--what the company called "the largest in history". SYBS hit intraday high of $20 1/4 but sold off to close $18 7/8 offer. Keep your eye on this one. RACE--may well tank hard on EPS results. 2Q loss 27 cents a share. Another trader mentioned CSRV to me today--it looks like they are running a huge add Super Bowl Sunday. Large volume today--however, CSRV has no unlimited plan. So it may not be a threat to lure AOL customers. More later if I can dig it up, Mills.

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