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Technology Stocks : CMGI What is the latest news on this stock? -- Ignore unavailable to you. Want to Upgrade?

To: bargainman who wrote (11677)	7/13/1999 1:27:00 AM
From: Joseph Stratmann	Read Replies (1) \| Respond to of 19700

Someone please tell me if I'm out in left field on this. I'm new to Technical Analysis so would love to hear some replies (please no flames) :) In looking at the CMGI daily chart it looks like it completed a Head & Shoulders pattern (breaking the neckline) on 5/21/99 calling for about a 50 point dip from 115. Sure enough CMGI sank as low as 71.5 on 6/15/99. Now, if you look at the 30 minute chart (I condensed it a bit on arithmetic) it looks like another head & shoulders pattern formed and broke the neckline. On 7/6/99 at 2pm the head was formed at about 126 and the neckline was broke on 7/12/99 at 9am at about 119. So we should've seen at least a 7 point drop. So.. we fell to a low of 112 today for the 7 point drop from 119. Here's what I'd like to know: - Is it ill-advised to look for a head & shoulders pattern on an intra-day chart? - If it's feasible to use an intra-day chart for locating a head & shoulders pattern then we should see at LEAST that 7 point drop which we did... Does the pattern give us any indication of the max drop? Thanks Joe I hope this made sense as it's awfully late.