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Technology Stocks : Nortel Networks (NT)
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To: Bosco who wrote (2473)4/19/1999 8:18:00 PM
From: Paul Fine  Read Replies (1) of 14638
 
Perspective on today:
Question: If two weeks ago I had postulated that NT would break out
above it's 8 week trading range and hold there on the day that the
tech-heavy Nasdaq lost 135 pts(5.9%), would you have thought me crazy? I said it earlier today; a tsunami sinks all boats.

NT lost no more today on a percentage basis than the Nasdaq did overall. Don't misunderstand, I am not happy about it. I closed out the 2k I bought on margin last week at a small loss to see where all this settles out. I gotta believe there will be opportunists buying in the techs tomorrow, but the question is if others will sell into the buy. Remember, the Dow was up over 250 pts today and finished down 50 pts. This is not the time to make investment decisions using 20 minute delayed quotes!!

Under more normal circumstances, I would be very concerned about falling to this level, which pre-dated the BA announcement. However, it carries less significance given the environment in which it occurred. That said, we really can't afford to give up much more without breaching the support level we created on the breakout two weeks ago. In these market conditions, Tuesday the 27th looks a long way away.
Paul

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