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By Mark Phillips
Wait for the Entry Point

DELL - Dell Computer $19.00

Amid the continuous stream of earnings warnings and reports of a slowing economy, it seemed that shares of the PC makers would never reach bottom. The price action over the past few weeks seems to indicate a bottom is in place near $16. The stock hasn't been at these levels for almost 2 years, and it looks like the bad news is already factored into the stock price. While there is no guarantee that PC stocks are set to rally, this seems a good time to start looking for attractive entry points for the recovery that is bound to follow in the months ahead.

DELL didn't forget how to make computers, and consumers are still buying them, both here and abroad. Patience will be rewarded on this play, so wait for the entry point to come to you. There is enough volatility left in the Technology market to give us an attractive entry as the stock bounces from the $16-17 level in the weeks ahead. If the unforeseen happens and DELL breaks below the $15 level, stand aside from the play, as it will be a clear indication that there is more pain in store for the bulls. Price gains in other boxmakers like CPQ and GTW will make for a nice confirmation that the PC sector is on the mend.

BUY LEAP JAN-2002 $20.00 WDQ-AD at $5.25
BUY LEAP JAN-2003 $25.00 VDL-AE at $5.63