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

To: Ed Pittman who wrote (5467)	4/1/1998 7:32:00 AM
From: Frederick Smart	Read Replies (2) \| Respond to of 10227

Ed: Just some thoughts.... >>.Drew in the lines ,and put the chart with my other papers...I looked at the chart today, up in Bakersfield while standing by...Monday was the buy date..oh well there will be plenty of times to trade...Here I found some interesting data...Nextel traded today 37,501,500 shares...Can you believe..550,900 shares traded more on Down ticks than up ticks...It showed institutions selling this rally..I don't know if it was for window dressing or what..Just thought I would pass it along..It made a new high before my time frame so I'm not interested in the stock at this time.>> You've been on this thread for quite some time now. I know you missed the rally, or sold prematurely before the liftoff out of the teens a year ago. The entire year you've been rattling/fortelling of that return to below $20. I know, I know you've begged off this some time ago. Then, as I recall, you were going to sit tight and wait for $21-22 or whatever. And if that didn't happen, well - and please correct me for I'm quite blurry on all this - I think you said you'd buy when we broke into new highs. All of this represents a lot of water over the dam. Technical analysis can trap you into long bouts of passive viewing - watching and waiting - for this ongoing and weaving "web" of technical numbers, like that dam that holds the water..keep building up, creating new pictures, trends, lines, timing windows, etc. When you rely on technical analysis as one of your core tools for "taking action" to buy/sell you end up like that dam operator who has to slowly open the sluice gates in the event of a water surge or slowly close them in the event of a let up. You alble to react only after any initial surge is already well underway - leaving you with only a prospect of "toe-ing" you way into a position for fear of a retracement. I like charts, too, but I would never rely on them to establish the confidence necessary to wade in against the trend and let the market come to my buy points, as I did in the teens below $15 and again, all the way down to $23 on that last pullback from the initial $32 former high. Sentiment is everything, too. Problem with sentiment now is that we've all got to acknowledge there is now a 1200 lb. gorilla in our midst - which I will respectfully call Mr. Pee - As in Ess N. Pee. He'll be around for the duration, helping to support those retracements just a little bit more. Ed, I've appreciated your contributions. Please don't take this as a slight for that is not my style as many of you know from my contributions to this board. Even Jimmyoo coundn't get you out of the dam tower this last time around. I was hoping you'd participate, but then again, when you do finally jump in, perhaps that will be a time for a collective pause. Cheers everyone. Take care.