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Technology Stocks : CMGI What is the latest news on this stock?
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To: Mark Z who wrote (7108)4/15/1999 2:05:00 AM
From: Gary105  Read Replies (1) of 19700
 
Mark, great TA analysis. Actually we've "only" had 23% retracement from high on recent run. A 30% retracement would put us in the 230 area. I too see at least short term support in the 225-230 area. Thus far this year, buying the dips has been good strategy, trying to call exact bottom of dips has been bad strategy. Sooner or later pace slows down as year to date rise of about 300% should not be extrapolated to rest of the year (otherwise 10X gain for year). I think most recent rise was fueled by mainstream brokers/analysts being late to party and coming around to new valuation paradigms and owning leaders at any price - this is dangerous. But it does eventually create good buying opps.

Those new to stock should realize price movements create feelings of euphoria (good sell if trader), followed by quick gutwrenching drops (good buy if trader), followed by stability, followed by euphoria.
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