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Technology Stocks : Ascend Communications (ASND)
ASND 220.42+4.9%Dec 12 9:30 AM EST
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To: RICK SCHINZEL who wrote (14647)9/27/1997 12:46:00 AM
From: Gary Korn   of 61433
 
I've been looking through old posts on this thread for something intelligent (lol) I had written some time ago about ASND's stock price near term. I didn't find it, but I did notice that many of my posts were proven wrong by subsequent events. So much for my analytical abilities and/or my timing (I know that the latter is deficient). This does give me some sympathy for the analysts, however.

Somewhere buried in those posts was one in which I said that the stock price is going nowhere until after earnings. Institutional ownership is pretty low now at about 55%, and I doubt it will pick up until the big boys feel comfortable that a bottom has been achieved. Disclosure of the 3Q numbers will tell everyone where they stand, and things will either move up directly from there or quickly find a bottom and then move up from wherever that bottom may be.

When the buying starts, I think it will be powerful. Call it a long white candle or what-have-you, but when the institutions become net sellers rather than net buyers (over the last month they were net sellers to the tune of 9 million shares), I would not want to be holding a short position.

I'm doubtless wrong yet again with this post, and I'm going to laugh (cry) when I re-read it a month from now, but there you have it for now.

Gary Korn
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