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

To: SMALL FRY who wrote (14944)	1/22/1998 2:38:00 AM
From: Wildstar	Read Replies (3) \| Respond to of 70976

I thought I'd post my read on TA since everyone else is doing it. IMHO, the market, especially the NAZ and hi-techs are severely overbought (at least technically, not price-wise) for the immediate short term. I am looking for a drop in the NAZ in the next couple of days, maybe even a > 25 pt drop either Thur or Fri. IMHO this will drag AMAT down with it so I bought short term puts, Feb 30's, on Wed. (I also bought puts on CSCO, AMZN, and KLAC. Hoping to sell them back either on Fri or Mon). Also, it seems that AMAT follows the movement of the SOX index pretty well and it is also overbought for the near term. That being said, AMAT seems to have good support around 28ish so I will exit my puts around 29ish. Also, since the NAZ is so severely overbought, I think the MSFT news, whether good or bad, will be interpreted negatively and affect the rest of the market negatively. IMHO.