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Technology Stocks : 3DFX -- Ignore unavailable to you. Want to Upgrade?

To: William T. Katz who wrote (5749)	7/24/1998 10:56:00 AM
From: Daniel P. Dwyer	Read Replies (1) \| Respond to of 16960

Thanks for the link. I have made a lot of money on this stock buying and selling, but my averaging down now has cost me. I had read the CIBC Oppenheimer report before in depth. They see the gaming market as being saturated and expect 4Q and 1999 to be slower growth years. There is at least an even chance they are wrong. Even if tdfx experiences slower growth in the next year, the recent selling is not justified. Then again, this market does not care about value. It only cares about growth, and accelerating growth at that. TDFX has stopped accelerating, despite the fact that it has a great balance sheet and growth at twice the market. Does not matter. The p/e is now below 12. You may be right that we have one of those buying opportunities. I thought that at 22 and 19. We need to see a convincing floor. I thought it would be at 15 at a double bottom, but it went through 15 and 14 too quickly for my comfort level this am. And on no news, which is the worse news. There is nothing to say that it won't go through 13 and 12, or even lower. There is no support because there are very few buyers. Investors are either tigers or sheep about a stock. The tigers have gotten mauled and the sheep are standing by the sidelines, waiting for the dust to settle and to once again feed on the green stuff. So, I do not know what will turn this stock around. In the meantime, every tick up is an opportunity for the shorts to short some more. Apparently, they covered from 16 to 20 a couple of weeks ago, and flushed with a killing, they are off to the races again. They won't stop until they get really hurt, and move on to some other carcass. So good luck. Long and holding, but a live sheep, nonetheless. Dan Dwyer