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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 (37548)	7/10/2002 9:34:04 AM
From: Return to Sender	Read Replies (1) \| Respond to of 68396

Well I certainly was wrong on the open lower scenario. The upgrade of the networkers took care of that but now we are seeing some selling. I want to see the VIX over 35 before I buy anything long. Thanks, RtS

To: j g cordes who wrote (37548)	7/10/2002 11:06:38 AM
From: Return to Sender	Respond to of 68396

From Briefing.com: 10:40AM Microchip defended by BofA (MCHP) 22.86 -2.70: -- Update -- Banc of America is defending MCHP following Avalon's "Trading Sell" initiation (see 9:55 comment), saying the sell-off is unwarranted and represents a buying opportunity; believes a premium is justified and does not think the stock is expensive at current levels, and says $25 is a reasonable short-term price. From Briefing.com: 10:36AM Nasdaq edges into negative ground : -- Technical -- Index edges into modestly negative ground after the first hour of trading. From current levels, look for initial resistance at 1394 which represents a 50% retracement of the recent rally. That's followed by more significant overhead at straight-line resistance of 1400 and more modest additional overhead at 1411/1414. To the downside, look for initial support at 1380 followed by additional modest support at 1370. 9:55AM Microchip initiated with Trading Sell at Avalon (MCHP) 24.01 -6.06%: Stock has sold off 6.1% at the open after boutique firm Avalon initiated coverage with a Trading Sell rating and a price target of $20; says stock is priced for perfection, and while firm does not believe co will miss for Q1, they do think guidance will disappoint due to WCOME problems, weak auto sales, and weakness in 16-bit biz. 9:54AM Qwest notified of criminal investigation (Q) 2.60 halted: -- Update -- Was informed by the U. S. Attorney's office in Denver yesterday afternoon that it had begun a criminal investigation of Qwest. The U.S. Attorney's office did not disclose the subject matter of the investigation. 9:42AM Zoran and ESST fall on Pacific Crest comments (ZRAN) 18.27 -0.98: Pacific Crest is concerned that ASP erosion at 15% or more makes it challenging for co to achieve firm's estimated 2002 DVD volume shipments. Believes that ZRAN is less exposed to these ASP declines than ESS due to its strength in Japan. 9:03AM Amkor upped to Strong Buy at CIBC -- Anam sale (AMKR) 4.67: CIBC World Mkts upgrades to STRONG BUY from Buy following announcement this morning that co would sell 20 mln shares of Anam Semi to Dongbu Group. CIBC believes sale removes near term credit concerns which have punished the stock of late. 8:32AM IBM price target cut at BofA (IBM) 69.67: Banc of America cuts their price target to $90 from $100 after revising their model for the discontinued hard drive biz and a weak environment; cuts FY03 ests to $82.9 bln/$4.65 from $88.5 bln/$4.80. Well call me crazy but I bought both AMAT and SLAB today for a swing trade based on the spike up above the Bollinger Band by the VIX. AMAT 2000 shares at 17.32 and SLAB 2000 shares at 24.59 finance.yahoo.com RtS