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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Clint E. who wrote (22727)	8/11/1999 3:33:00 PM
From: Johnny Canuck	Read Replies (4) \| Respond to of 69349

Clint, I just talked to my broker, one of his clients bought PHCM last week in the 40's and sold today in the 80's. It is a wild market, but I can't help feeling the intermediate trend is still down. It looks like we are challenging 1300 on the SP500. A break and close above means, we run to the upside for a while. I am looking to short NSM when and if INTC breaks to the downside on some return of the market to sanity. The next Q should be flat for revenues as they exit their x86 business. Analog products make up 66 percent of sales, but that segment is only projected to grow in the teens for the year. Gross margin looking to be flat next Q. Improvement in margins not be occur till the later half of fiscal 2000. They are looking at a target of 50 for gross margins, up from the current 31.Price targets seem to be on average 32-35 by the analysts. Upside resistance at 27 (here now) and 29. Downside target 20. In a down market there should be no reason to hold this company short term. Intra-day buying the last two days has been heavy by the institutions. I can't find a valid reason why at this point though. Anyone see any flaws in my reasoning? Harry