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Technology Stocks : America On-Line (AOL)
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To: HECTOR RUBERT who wrote (14683)5/4/1999 10:30:00 PM
From: Technician  Read Replies (4) of 41369
 
AOL is sitting on its 50DMA is not relaxing, when
a stock hits its 50DMA it either bounces off it or
breaks it to the downside, going towards its 100 DMA
and then the 200 DMA, so given the fact that AOL
penetrated the 50DMA on good volume at the close
and still sports a PE of 500, when the interest
rates are in question is not relaxing.

AOL has had a very good runup and if there was
a chance for it to do the rare thing and hit its
200 DMA it is now, frankly the downtrend begins
tommorow. INETS are clearly out of favor and not
just temporarily.

If I am wrong AOL must rebound off its 50DMA
tommorow but I don't see it.

I have seen this water torture selling before,
systematic selling by MM's with pauses to allow
price to go back each time the selling
pressure gets too much, normally they allow
a sucker rally in the morning and sell into
it.

Each day takes AOL further from 175 and if
it breaks 100, I think It might have hit
its high for the year.

bottom line INETS are in real big trouble
this time.
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