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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: advocatedevil who wrote (48351)	6/26/2001 1:25:40 PM
From: Jacob Snyder	Read Replies (2) \| Respond to of 70976

ST trading: AMAT and NVLS are acting differently. AMAT seems to have slipped back below 50 (which I consider the critical support/resistance line). NVLS, on the other hand, bounced at support (at 48, exactly), and is now in the middle of its post-4/18 trading range. These two stocks can't go different ways for long. The picture is muddy, and it will be resolved (in a few days, at most a couple of weeks), by AMAT going (and staying) above 50, or by NVLS going (and staying) below 48. Even if you condider 48 (rather than 50) to be AMAT's support level, the stock violated that price repeatedly recently, so support should be considered broken. I continue to hold all my NVLS puts, and am awaiting clarity. I've also been waiting for consumer confidence and spending, and housing sales and prices, to follows business spending, and today's news on those numbers is an unpleasant surprise (for shorts). I've used the June decline to pick up long positions in EMC, NTAP, TXN, and WCOM. These positions may become LT if the numbers keep on saying a recession isn't going to happen.