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Subject:  Re: Interesting TA on CREE's Moving Averages Date:  1/20/2002  2:23 PM
Author:  Steveja Number:  11331 of 41740,e50,e100,e200&t=6m&l=on&z=l&q=c

Here's a chart of Technical analysis for you. The volume, the breakdown, etc, etc, show you there is more downside to come. See how the MA's are now converging, but to the negative? When the 20 day crosses through the 50, 100, and 200 on the way down, you'll see another leg down. It's not good, not bad, it just is. Charts down't feel emotion, people do. If you think the Nasdaq is going lower, before it goes to new 52 week highs, then why own this stock?

Only an announcement with revenue and earnings increases will produce the volume required to get this baby back qbove $25. The CEO himself stated the rest of 2002 doesn't look so hot. That said over 30 million shares of CREE traded with it losing 30%+, and there are only 70 million shares in the float. This stock will drift down to the mid-teens by July 1. Any run by the Nasdaq, and consequently CREE will result in more selling, IMHO.

Blue LED, Schmoo LED. Wall Street operates on supply and demand, and right now, there is no institutional demand for CREE.
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