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Technology Stocks : PSFT - 1997 Outlook [closed thread] -- Ignore unavailable to you. Want to Upgrade?

To: Melissa McAuliffe who wrote (774)	1/26/1998 4:42:00 PM
From: Marq Spencer	Respond to of 940

Melissa, We seem to have broken through the channel on the way down and closed significantly below it. The up trend had been established in Aug (5 months). Today's volume was also above average. This is not good from a TA perspective. Any suggestions for repairs? BTW, I got in at $34 a couple of weeks ago - perfect timing :-). - Brian.

To: Melissa McAuliffe who wrote (774)	1/26/1998 4:46:00 PM
From: Satyr	Respond to of 940

Technically we look terrible. We took out the last 2 support levels the only one left right now is 30. Friday we closed under our 50 day MA again and the market has just not been showing the kind of bounce it used to. But at least until the 30 is penetrated we remain in the bull trend.

To: Melissa McAuliffe who wrote (774)	1/26/1998 4:47:00 PM
From: Tom Smith	Read Replies (2) \| Respond to of 940

Folks, This type of thing used to happen like clockwork every quarter. Exactly one week before earnings release, PSFT would drop back to 20% off its 52-week high. The first two or three times I saw this I chalked it up as a coincidence. The next time, I bought a good sized chunck of PSFT on the 20% dip and did very well after earnings. The pattern seemed to disappear the last few quarters, with unpredictable movement both before and after earnings, but this recent movement is very similar to the old pattern -- 52-week high = 39.50 20% discount = 31.60 Today's close = 31.44 My hunch is that nerves get the better of some people right before earnings and the weak holders sell. Good earnings bring them back a week later. Tom