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Technology Stocks : S3 (Multimedia semi's place 2be)
SIII 0.00010000.0%May 12 5:00 PM EST
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To: stockroach who wrote (7434)1/24/1997 6:05:00 PM
From: Keith Dykstra   of 9477
 
I sold my holdings in S3 yesterday because of the growing conviction
that we have seen the high for the year and that the price movement over the near and intermediate term is best viewed as a bear in hibernation. S3 has been charting a descending right triangle since its
Oct. high which does not bode well for its immediate future. Its price
has fallen below its 50-day MA and while support is seen at 15 7/8 - 16 I am not at all convinced of its strength to hold given what appears to be a significant amount of overhead supply of both long and short holdings. I also chart a 20-day MA and this past week it has fallen a 1/2 pt against the price excluding today's weak action and is within a 1/4 pt of the 50-day MA. Finally, what I find very disturbing is that both CRUS and CHPS were also charting descending triangles before they broke to the downside. This, along with the price break of TSNG and VLSI leads me to think that although the computer and the computer peripheral companies are doing quite well the graphics accelerator guys may be entering a flat, dull period of (gasp!) bearish proportions. To anyone who can see the light better than I, please comment.

Out, but not down.

Keith
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