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Technology Stocks : General Magic -- Ignore unavailable to you. Want to Upgrade?

To: Frank Wechsler who wrote (3565)	8/26/1998 2:12:00 PM
From: Ray Rueb	Read Replies (2) \| Respond to of 10081

RE: following my advice One of the things I always hated about full service brokers was they always told me when to buy, but their sell advice was non-extant. I posted my stop-loss suggestion just because of the above. As to: << Please let us know if you change your outlook. >> I want to remind everyone... I am NOT bearish on GMGC. I am short-term bearish on GMGC stock price. THIS COMPANY HAS GIVEN ME NO REASON TO BELIEVE THEY AREN'T A GREAT INVESTMENT. They are following their plan. November is the SAFE time to buy. If you are currently long, and don't want to day trade, then hold on and stop watching GMGC price for 3 months. GMGC is currently in a down-trend. GMGC WILL BE IN AN UP-TREND BEGINNING IN NOVEMBER. Where will the bottom be? I received the following note in a private mail from a TA contact of mine: << I got out at the end of July, at about 11, when there were sell signals on the charts. I haven't had a position in GMGC since then, and I'm not planning to enter the stock any time soon. I was just looking through the SI thread after looking at GMGC's chart again tonight. (The chart came up in a list of stocks I've traded this summer.) I just wanted to write to you to tell you to be careful, because GMGC fell through support today, and that's not usually a good sign. The support was at 5.625. Some stocks recover after falling through support, and this one could bounce, of course. But many fall farther. Right now the possible lower bound for GMGC is around 2.85. I see the upper bound at 7 3/4. I know technical analysis is a lot of hocus-pocus, but it is useful occasionally. GMGC is giving all sorts of sell signals. It needs to show some strength by staying around the support line at 5.625 or bouncing back up. Right now it's not showing strength. To make matters worse, small-caps just aren't doing well right now. I do wish you good luck with the stock. Be careful about buying back in. Sometimes the weak stocks get weaker. >> OK, WHERE'S THE BOTTOM??? 1) This person thinks the lower bound is 2.85 from a TA point of view. 2) I'm worried about "filling the gap" down to 2.25 3) My gut made me write 3 in my semi-conscious post of yesterday. I would say buy 1/2 of your desired position at 3 1/4. I would say hope for 2 1/4 to buy more. Bet the ranch if up_tick's $1 ever sees the light of day. I still say $30 by June. Ray