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Technology Stocks : The New QLogic (ANCR) -- Ignore unavailable to you. Want to Upgrade?

To: Greg Hull who wrote (22117)	5/26/1999 12:08:00 PM
From: donald sew	Read Replies (1) \| Respond to of 29386

Greg, I am purely a technical analyst, and now mainly trade only index options so Im more concerned as to how the overall market/sectors are doing. The weakest sector right now is the DOT.X(INTERNET INDEX) which may have a negative influence on ANCR. Not that it will directly effect ANCR but such could minimize those factors which are positive for ANCR. My feeling is that the overall market is in a correction phase and it is not over yet. It will be difficult for individual stocks to move up when the overall market is correcting, even if the news is positive. I am expecting that this correction phase to bottom around early JULY and we could see a strong rally at that time. As mentioned previously, the main bullish trendline for ANCR is at about 7, and as long as we stay above that ANCR is in an uptrend. A break of 7 to the downside would be negative for ANCR. What tells me that ANCR is effected by the INTERNETS is the strong selloff this morning when ANCR got as low as 8. If you check the intraday charts, ANCR and the INTERNETS bounced to the upside right at 10:40 am, almost to the minute. I am expecting a short-term bottom to this correction around JUNE 14, then a nice upswing followed by another downswing into early JULY. By the 2nd week of JULY(after JULY 8) a strong rally for the overall market. We have a website concentrating on TA if you want to visit homestead.com We normally do not talk about individual stocks but it should give you a good feel of how the overall market is doing. Seeya