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Technology Stocks : Network Associates (NET)

NET 196.20

-0.1%

3:59 PM EST

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To: Dad of The Rock who wrote (4415)	3/20/1999 12:10:00 AM
From: kendall harmon	Read Replies (3) of 6021

Well it was another very poor day for NETA. I do not know about others, but I followed the selling closely from right near the open this morning. I struggled to figure out what was going on until the Cowen analyst news came out (I saw it 12:30ish). My theory now is that NETA is a victim of the combination of the cockroach theory and momentum investors, a lethal combination. The cockroach theory, for those who may not know, is that once you have seen one you know there will be more. So yesterday a BBRC analyst cut his rating, and today a Cowen analyst, therefore Monday and next week there will be more. Add to this the fact that momentum players are getting out and you get the kind of tape we had yesterday and today. Even though NETA is technically oversold, it now needs to establish a decent bottom over a couple of days before any significant bounce is possible. I have been working over the charts and would be interested in where people think long term support can be found.

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