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Technology Stocks : Ciena (CIEN) -- Ignore unavailable to you. Want to Upgrade?

To: Stoctrash who wrote (2099)	5/8/1998 1:55:00 PM
From: joe	Respond to of 12623

FredE, >>It is fact though that the chart looks weak. I have been watching the block flow...and it has not been to good either the past few days...hence the weak chart patterns. A close above 56 would surely make me change my tune.<< The trading pattern have been watching and I try to understand. Here's what I have seen (and would encourage any feedback possible). About 10 days or so ago, there was positive news of the Hermes Europe Railtel (HER) contract. This and good vibes/news from the H&Q conference boosted the stock from the 47-48 range to 56 (or so) range on heavy volume. After a few days, things settled down, volume got lower, sometimes real low, and the stock drifted down to 54 range. But it seems that every time it gets to this range, there are buyers to stop the drop. My take, is that euphoria of the above news caused to large a supply. I would think large buyers would spread out their buying to get lower prices, but it didn't happen this way. Or maybe a lot did think of this and that's why there's the stead accumulation at the 54 range. So, I guess, most people have set down their stakes, and are now just waiting for more news, and/or the earnings report on 5/21. Sometimes the market conditions will bounce the stock around some - interest rate worries, etc... There's interest in the stock when it gets down to a certain price, but seems like were all content to sit like ducks in a pond for the moment. This, to me is a neutral stance. joe