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Strategies & Market Trends : Classic TA Workplace -- Ignore unavailable to you. Want to Upgrade?

To: heehee1 who wrote (36378)	4/16/2002 8:00:47 PM
From: The Freep	Read Replies (1) \| Respond to of 209892

heehee -- it does look like QLGC will gap down nicely, but I would wait til mid-morning before declaring it and the storage sector dead. VRTS actually said that the strength in storage, disaster recovery, and services helped shield it from the broader IT slowdown. I've seen this type of action in post before, only to find in the morning that analysts come out of the woodwork and reiterate ratings on ancillary stocks like QLGC, EMLX, and BRCD saying that they are "not affected by the blah blah blah." (Also, depending on the whims of some unknown group, QLGC sometimes trades with the storage peers. . . and sometimes trades with the semiconductor stocks (as it usually falls under semiconductors when it's placed into a sector). Their strength was unabated in AH (I guess cuz Intel guided margins up???), so tomorrow could bring wackiness.) And yes, I know that valuations in tech are out of whack. NVLS certainly had a fine forward look, but I don't know that it justifies their current price. The same is true of the storage stocks. And max pain on the QQQs is 35, so I don't know how much higher we "can" go. But I've learned from smart folks here not to fight strength, so I'm gonna wait and see what happens tomorrow. After all, when/if QLGC breaks, one point won't be all it gives, and there'll be plenty of time to jump on board. the freep