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Technology Stocks : Safeguard Scientifics SFE -- Ignore unavailable to you. Want to Upgrade?

To: wellab1 who wrote (2749)	5/5/1999 6:02:00 PM
From: michael r potter	Respond to of 4467

Interesting day. Once again, the 50 day moving average [currently at $70] acted as strong support as it has contained every pullback since Jan. [It was only under that level for 15 minutes today.] Almost 6% of the daily volume occurred during the last 10 minutes with a gain of almost $5 during that time. SFE is right at where a declining trendline has contained every recent rally attempt thus far. Can not read anything into todays action that would lead me to conclude that the $70-$72 level will or will not be re-tested, and if so, if it would hold. IE. Todays action within normal behavior-even if in a continued downtrend. It does give some welcome breathing room, now it needs follow through over the next several days. [Probably a lot of short covering on the close today]. -OT- follow up: The ABX sell at open today was premature, as the golds held firm during the opening sell-off. The market said "We're not through with these guys yet", so quickly bought Homestake HM $10 1/16 as its chart is in an earlier stage of development and not as extended as ABX. ABX has now rallied 42% since app. 3 weeks ago. The gold index has rallied the equivalent of 3,000 Dow points in that time. Technical analysis in conjunction with fundamental analysis continues to be a powerful combination in helping increase the odds. Nightly Business Report stated last night that on line trades increased 40% from the first quarter average. That is a staggering increase, with positive implications for Knight Trimark $148 1/2 [range today, low $119 high $149 1/2...you get used to it!] Mike