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Technology Stocks : Nortel Networks (NT) -- Ignore unavailable to you. Want to Upgrade?

To: Paul Lee who wrote (2343)	4/7/1999 5:57:00 PM
From: Paul Fine	Read Replies (2) \| Respond to of 14638

NT on Wednesday(also in Yahoo): The overall market was schizoid, with the Dow at a new high but the Nasdaq off. In the face of all that, NT took a breather. A positive action was that NT bounced off of $66.50 twice in the afternoon, to finish up 3/16ths. That is important in that the previous resistance point of the 8 week range had been well below that ($63+). It wouldn't be bad to see NT consolidate in this general area, just below the all-time high of $69 1/4, for a little while. It was also positive in light of LU giving some back, and Csco moving up to another all-time high(it means the market, while liking Csco's prospects, aren't assuming it is coming at NT's expense). If we do stay in this general area for the rest of the week, then next week's action will be even more dependent upon what "whisper" numbers are bandied about for NT, and anything they share at the show in Las Vegas 4/11-4/16/99. I would still be surprised to see us breakout over $70 and hold there prior to the earnings release, unless some key analyst starts touting stronger than expected results in the next two weeks. Naturally, I would be happy to be proven wrong to the upside :)!! Finally, Yahoo's better than expected results after the close today($.11 vs consensus $.08; +13% sequentially) may bring back the tech stocks tomorrow. We are still in an enviroment where a rising tide is lifting most boats. Paul ------------------------------------------------------------------------