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Technology Stocks : CMGI What is the latest news on this stock?
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To: Mark Peterson CPA who wrote (9268)6/4/1999 8:39:00 PM
From: Brian Malloy  Read Replies (2) of 19700
 
Too the thread, what I'm seeing now.

Amature hour or I should say week is over and we are about to enter the summer rally season. Traders and institutional buying was in evidence today and the volume was strong for a change. In hindsight, Wed probably represented the bottom of the first downleg within the 5th Elliot wave. We are poised to move higher and have a good chance of retesting old highs, on the averages.

Interesting to note that the put premium is decreasing and margin rates have been raised for those wanting to place puts on calls. Read the previous sentence carefully. This generally doesn't happen unless the big boys smell a change a'commin.

As for CMGI we have a descending flag pattern forming a triangle. At this point I place a 75% weighting on continuation to the upside and a 25% chance that today represents a top to be followed by further downside movement.

What would be confirmation of a move to the upside? A close above $104. This would cause me to a place a 90% weighting on continuation to the upside.

- Aggressive CMGI buyers would have picked up shares and or options WED.

- For the risk averse, people needing confirmation and willing to give up a little upside for that confirmation will probably jump in once CMGI crosses $104.

- Others who want to initiate or add to positions can pick their own target based on the above.

We are at the low end of the trading range that I gave presplit, $180-$300 so lets see if we hit $125 later in June then work to break $150.

Bottom line,
Grab your boards...the surf will be up soon.

Regards
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