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Technology Stocks : The New QLogic (ANCR)
QLGC 16.070.0%Aug 24 5:00 PM EST
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To: Patrick Sharkey who wrote (22110)5/26/1999 11:25:00 AM
From: donald sew  Read Replies (2) of 29386
 
Patrick,

>>>> Why else would anyone sell now, except if they were short? <<<<

Its a technical response, since the INTERNETS are selling off so much earlier this morning. Although ANCR is not an INTERNET it is in a related field.

This pullback was also expected since it is common for a FIBINOCCI retracement of 38%-62% of the most recent uptrend. This uptrend started at 4.5 and ran to about 12.5, so that was a 8 point run. So
the pullback could be from 3-5 points. Since we got as low as 8 intraday I feel the downside is now limited. The first main support line was at 9 then another at 8.25 and another at 7.

As long as 7 holds, we are still in an uptrend and this is only a correction.

I had previously posted the possibility of a retracement, but did not take my own advice since I was also playing the possible momentum of
the BROCADE, so Im still long.

seeya
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