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Technology Stocks : America On-Line (AOL)
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To: Steve Robinett who wrote (14657)5/4/1999 4:49:00 PM
From: Joe S Pack  Read Replies (2) of 41369
 
Steve:
Vendit's TA is not bullet proof as you know.
TA is based AOL behavior. If general market condition and
macro economic trends go against general trend of an individual
issues then it is impossible to have an accurate prediction.
This short term trend of money being pulled out of high PEers (MSFT,CSCO for eg.) has not stopped yet
and there is no single sector withstood today's profit taking.
AOL has a strong support at it 50DEMA and tomorrow's meeting should
provide some more positive support. I agree with you that (based on
my own experience) internet sector is not immune to 40 to 50% correction within a short while. This happened a few times. We already
visited mid 110s and second visit is not to far away from today's
close. But rotation of money into DOW dogs is not sustainable as
they have not shown a consistent uptrending revenue stream yet.
I think DUPont scrapped today.
IMHO this consolidation is healthy for the stock.
This sideway movement may persist for another few weeks
as we are approaching the end of this earnings cycle and a few gap between now and next warnings cycle.
Of course all MMs need to reload again and they need a good entry point for the next quarter show.
However AOL can change the trend if it can announce a few contracts
or a broadband alliance.
-Nat
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