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Technology Stocks : CMGI What is the latest news on this stock?
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To: Brian Malloy who wrote (7190)4/15/1999 10:42:00 PM
From: Joseph Stratmann  Read Replies (1) of 19700
 
Brian, your thoughts on why you think (and when) CMGI will hit $170 was interesting. I'm terribly new to TA so if I ask a stupid question please go easy on me. :)

You mentioned "right now the markets, in particular the NAZ and S&P are at an inflection point. Multiple gravity wells are attracting the source of the market."

Well, now remember I'm a beginner, it looks to me like the S&P has a good momentum going for it (just looking at trend lines). I'm plotting this on a standard Bar chart (Hi, low, close). I drew a trendline from 10/8/98 thru 04/15/99 (and it almost *perfectly* hits the lows on 3/3/99, 3/25/99 and 04/01/99). Close to 45 degrees as well! My understanding is that's excellent - solid movement over time. I then have a second trendline from the low on 12/14/98 to 3/3/99.

There also appears to be a support level tested about 3 times at 1,209.5 and it pierced the resistance level at 1,280.5 again 3 times. Perhaps the "old" resistance level at 1,280.5 is a new support level?

If I'm using terminology incorrectly please let me know.

Is this just a pretty picture I drew or does it actually mean something and am I interpreting it correctly? Oh...one more thing, are there other pieces I've left out? (granted this is about as much as I've learned of TA so far) :)

Joe
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