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Technology Stocks : NEXTEL -- Ignore unavailable to you. Want to Upgrade?

To: Ed Pittman who wrote (5278)	3/24/1998 4:55:00 PM
From: Ken Benes	Read Replies (1) \| Respond to of 10227

Ed: I have been watching the action very closely for the past two days. My honest opinion, we are within days of a breakout above 32. There is so much strength in this stock, that I am beginning to doubt whether we will get to 30 or slightly below. Yesterday, prior to the close, the stock dropped to 30.5 and moved quickly up to 31 7/16 today. In the hour prior to the close, the action was very interesting. The day traders did not begin selling before 3:40 and when they did, the selling pressure was able to drive the price down to 31 momentarily and then there was a very quick recovery. I was in the midst of the action. I bought prior to the close yesterday at 30.5, sold today at 31.25 and went short at 31.25, hopefully, to grab another half point or so. At 3:40 I was scrambling to cover my position, which I did at 31 3/16. I definitely did not want to be short in the morning with the stock being as tight as it is. The last time, the stock was this tight on very low volume was at 28. The resolution was to the upside making a new high in a matter of days. The retracement from 32 has been minimal and very weak. With all the indicators moving to a midrange between overbought and oversold, this may well be the best we get. The move when it comes will be dramatic. I do not believe you have until April 7th to get long. Ken