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Since opening 13% lower on July 21st, Dell Computer (NASDAQ:DELL) has quietly rebounded over 20%. As of yesterday's close, DELL was trading nearly two standard deviations above its 50-day moving average. As the chart below details, in order to find the last time the stock was this overbought, you would have to go back to November 2004.

Since lowering earnings estimates in July, DELL has gained nearly $9 billion in market capitalization, while 20% of the analysts covering the stock downgraded it. Over the same period, the only firm who upgraded the stock was Citigroup.

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Source: What the Dell? Shares Trading Nearly Two Standard Deviations Over 50 DMA