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Technology Stocks : Novellus -- Ignore unavailable to you. Want to Upgrade?

To: Art Baeckel who wrote (3138)	1/16/2001 10:52:20 AM
From: robert b furman	Read Replies (1) \| Respond to of 3813

Hi Art, Earnings after the close. Nice dip here. 44 hit the top of the trading channel. I show the top to be 44.125 the bottom to be approx. 27.5. Often times a stock ending its downtrend begins to go sideways and then reverses up. The uptrend gets delayed or in this case reversed.OFTEN the price of the stock will find resistance at the mid point of the trading channel. A reversal from the mid point is very bullish and suggests it is capable of leading to the upside above the trading channel at a later time.I've got 2 trading channels and the midpoint support I'm looking for is a pichup in volume at these price levels. I'm currently thinking I'll buy 2000 shares at 36 1/8 and 2000 at 34 1/4. If they don't get there - that's great - it is acting strong. If it does - I'll add to my position at these prices expecting the trend to improve to up and 40-50 as the next near term goal. That reading of tea leaves and earnings are tonight. So we'll balance that out. Big story needed is big "size" buying at those lower points. I only want in, if institutions are there before me - providing support and a turn around. JMH Dreaming Bob