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

To: drsvelte who wrote (19741)	2/8/1999 2:27:00 PM
From: Keith Lenart	Respond to of 70309

GEMS may be making short term technical bottom. 250k shares traded already, price holding above 4. Compare to trading pattern on December 23. The stock bounced to 5 -1/2 within 10 market days of that bottom. Also, MORE significantly, if this bottom holds, it indicates a divergence from the 8 month downward trend channel GEMS has been in. Keep in on your radar screens. Good luck to all!

To: drsvelte who wrote (19741)	2/8/1999 5:40:00 PM
From: Clint E.	Read Replies (1) \| Respond to of 70309

Doc, Thanks for the text version of GS conf. schedule. Here is something to be concerned about even though the NAZ rose today and the DOW fell which is the opposite of what Ralph is expecting in the near term. Most net stocks did go his way and plunged, for at least today. I've read his 99 research report in which he assigns low & high targets for each of the 30 DOW stocks and arrives at ~11,500 max target for the DOW. He gave no reason where he got his high target for each individual stock. Perhaps Ralph is not too happy that the DOW hasn't been doing as well as he expected so far. RA can move the market so I am always scared of going against him. Clint ==================================== Monday February 8, 1:58 pm Eastern Time RESEARCH ALERT - Ralph Acampora on U.S. stocks NEW YORK, Feb 8 (Reuters) - Prudential Securities technical research director Ralph Acampora said in a report Monday that U.S. stock prices could decline 5 to 10 percent near-term, which he considers a ''normal'' correction. Here some are details of his report: -- Cited concern about ''the near term market outlook,'' which he said ''suggests that a normal correction is currently unfolding.'' Added that ''normal'' means a 5-to-10 percent decline. -- Said the short-term correction could ''turn ugly if interest rates become a problem short term.'' -- Said tech stocks are still under pressure. ''Even after last week's drubbing, many of these issues are still too spiky and could drop another 10 percent from current levels before encountering their respective major uptrends or significant support levels.'' -- Said he sees ''less risk in the DJIA because it has fewer technology components.'' -- Cautioned the abundance of stock splits ''is usually a late-cycle phenomenon.'' -- Cited ''churning,'' with NYCE volume running over 800 million shares per day ''with no appreciable upside increase in price momentum.'' -- Cited rotation across the tape, with the stocks that recently lagged the market becoming attractive - including cyclical, paper and some energy stocks - while interest rate sensitive stocks are ''beginning to flounder.'' -- Still sees a ''secular trending bull market'' and any sell off is deemed a''normal near-term correction.'' (Wall Street Desk 212-859-1730)) ====================================