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Technology Stocks : Ampex Corp: Digital Storage
AMPX 9.660-3.4%Jan 13 3:59 PM EST
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To: stan s. who wrote (1856)2/19/1997 1:29:00 PM
From: Hal Campbell   of 3256
 
Stan, I am not a technician but I have done a little short term trading with modest success just looking at volume in trying to figure out the dance of a stock. If I recall, in the week AXC surged to 11, the weekly volume was almost 7 million shares. The low that week was 7 and 1/16.That surge was primarily caused by the news of the Bramson purchase and prenegotiated contract filtering down to the street ....in my opinion of course.
Lot of hot and speculative money in the stock awaiting the Maxtor announcement, and when it came ... and AXC didn't break out ... many chose to see the Maxtor agreement as disappointing .... VERY incorrectly in my opinion ... then we had a volume reversal around 9.25 ... and the slow drift down ... as gamblers cashed in their tickets and left the track - then loyalists started getting margin calls... seemed ( barring news) virtually inevitable. The market, to me, is returning to the last news of note - the Bramson purchase. If 6.875 doesn't hold - I sure think it will ...well 5.125 looks like the next downward target to me.
Though not immune to declines, my attention is on the progress of the company rather than the stock and it delights me. Figure that as long as that holds, the price will someday take care of itself. I agree catching a slowly falling knife is dangerous, but I'll go fishing if it falls below 7.
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