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

To: j g cordes who wrote (36833)	4/25/2002 12:28:20 PM
From: Logain Ablar	Read Replies (1) \| Respond to of 67997

Jim: In this market I don't see the stock breaking out to the upside (38 area is 50x next years forecast, my top limit) but if it breaks 26 the next PnF support is not till 18 and that is not strong. 12 area is the april 2001 lows and this did not hold up at all in early Oct. Fundamently the company's balance sheet is fine so I can't see it breaking 12 (12 / .75 = 16 times next years earnings and 22 this years (ending June quarter)). Yes agressive but the market is setting up for a retest of the 9/21 lows and I'm not so sure it will be a successful retest. A lot of the large caps are looking sick fundamently and technically (GE, PFE, IBM to name a few of the large caps). Look where they are now in relation to the 9/21 low versus the index.