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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Tiley who wrote (17107)	7/15/1998 9:47:00 PM
From: DLS	Read Replies (1) \| Respond to of 69370

Manish, I am looking at CGNX as a short play. They build robotic vision equipment for Semi manufacturers. They warned about this quarter and subsequent quarters due to Asia and domestic capital equipment purchase slowdowns. At the time their stock was at 20 after which it fell to 15. It has climbed on the strength of the semis. However Grunthal recently reiterated their buy with only a $21 12 month price target. Today's close is $19. It seems to me that stocks usually fall to 70% of the 12 month target. (nothing scientific just an observation). They have a new marketing arrangement with Rockwell, however they still need customers and I have not seen anything regarding the cost of the arrangement. They are not particularly overbought, however I think it wouldn't take much more bad news to take it back to 15. They have earnings out on Tuesday. Comments would be appreciated. Thank you.