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To: Land_Lubber who wrote (49457)	10/20/1999 7:39:00 PM
From: Naggrachi	Read Replies (1) \| Respond to of 53903

<<What do you think?>> FWIW, here's what I think: I see two holes on MU's chart, on the downside. The stock is in a negative trend. You still have a gap that needs to be filled @ $55 (remember last sumers $6 pop in mid $50's?) Keep in mind the stock has rallied from the 30's to the upper 80's but failing to break the old high. This is also very negative IMO. When Skeet's predicted the stock would never close above $85, much less touch it (when the stock was trading @ $83-$84,) I thought he was smoking some good shit. But to my surprise, in retrospect, Skeet's nailed it to perfection. The downgrade to netural speaks volume. Somebody must know something, they've been warning about IBM's problems for weeks and today they were right. Do they know something we don't? You don't just downgrade a stock from one strong buy to neutral. Could they be looking past January? They're talking about tight market today, come January fears of overbuilding and oversupply will be the talk of the day. Been there and done that. Just my opinion, of course. Zead

To: Land_Lubber who wrote (49457)	10/20/1999 8:05:00 PM
From: John Graybill	Read Replies (2) \| Respond to of 53903

My quickie answer is, in a word, "momentum". Tuesday's opening and Wednesday's close are the same position but the opposite velocity. Tuesday morning's open at 64 was after that yawning gap down. Wednesday's close at 64 was after a sustained rise and Whittington's tout less than an hour before. That's my best effort. :-) That said, those option guys might be kicking themselves tomorrow monring, because it looks like IBM's earnings report is gonna shock the tech sector again. Nice comments of yours in yahoo chat re IBM. Last I saw on CNBC, it was down 12 or so to 99 3/4 in after-hours trading. Ouch! At $1 per DJII component = 5 DJII points, that's 60+ DJII points in the hole at the open if it doesn't improve. No wonder half the touts on CNBC are suddenly talking about how bank stocks are cheap -- they (JPM, BAC, I forget the 3rd one) need to be bought early and hard tomorrow to keep the DJII from opening -100 or worse. They need to do some damage control on AOL, too. They're down three points after similarly "meeeting the estimates". S&P futures are down 8+. Bill Fleckenstein says in tonite's Rap that IBM's report is the litmus test for nuclear winter, and it looks like the results are in.