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

To: j g cordes who wrote (17646)	8/21/1998 2:31:00 PM
From: Johnny Canuck	Respond to of 70235

Thanks Jim, The CIEN position was very small. The TLAB shares will recover once the condition of the merger becomes more clear. This deal as it currently stands is dead. The TLAB shareholders would never let it go through now and CIEN management needs to hold out for a resonable conversion rate or they will be sued. TLAB does need the CIEN technlogy though since they have scraped their own DWDM program recently as I recall. They may try again some where down the road but the CIEN shares need time to recover. Luckily I have time on my side and can stand a sizeable draw down. The total CIEN/TLAB position is only a small portion of my portfolio. I don't plan to average down on CIEN any time soon. Monday looks like it might be ugly, but we should have a clearer direction for the market by Tuesday. Option expiration is probably distorting the action to the downside today and the vaccum of news on Monday's usually makes trading volatile. I am still looking for a downside target of 8150 right now. There should plenty of time to decide what to go long on. Harry