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Technology Stocks : VLSI Technology - Waiting for good news from NASDAQ !!! -- Ignore unavailable to you. Want to Upgrade?

To: Joseph E. Caiazzo who wrote (3719)	6/25/1998 10:53:00 PM
From: DanZ	Respond to of 6565

Joe, VLSI closed back inside of its upper daily bollinger band today and this increases the odds that it will consolidate. I think the stock will trade sideways or lower, but I don't expect it to break the resistance between 20 and 21 in the short term. The SOX tested its upper daily bollinger band today and pulled back to close on it's low. This leads me to believe that the semiconductor stocks are in for a correction. I'm still very bullish on the SOX and VLSI over the next few months but they probably won't go straight up. I'd look for support in VLSI between 17 1/2 and 18. I'm planning to add stock to my position if it gets there. BTW, I sold Jan 20 calls against part of my VLSI position yesterday and bought them back today for a 1/4 point gain. I probably should have waited a little longer but there's no way to tell with any certainty what the stock will do and I don't like to hold options very long. I also sold more of my stock today at 20 1/16 and am now down to 1/2 of what I had at the beginning of the week. Best of luck, Dan