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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank
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To: Mike S. who wrote (38867)5/8/1999 6:44:00 PM
From: kendall harmon  Read Replies (1) of 120523
 
With regard to the net discussion, esteemed technical analyst Gary Smith of TSC (=thestreet.com) has a discussion today of INKT, in which he points out that it may pullback as far as the 90-95 area to near the point where it broke out. If it were to do so, the chart would form a really nice double bottom.

I am not saying INKT will get there (on the horrible Monday not long ago it closed around 89!) but it may and this still represents a 10% pullback from present levels. Many net stocks are like this--they need to go down a bit more and form really convincing bottoms and then the leaders shoud be possible buy candidates.

For me, this would include EBAY, AOL, and INKT, among others.

But until this occurs, I am with Jenna, the action is elsewhere.
Good traders go with what works.
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