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Technology Stocks : IDT *(idtc) following this new issue?*
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To: Secret_Agent_Man who wrote (1719)2/2/1999 12:27:00 AM
From: Bill Zeman  Read Replies (1) of 30916
 
NewMill

About the 1.3 million bought. Good maybe they are holding for a double in the low 20's. That's what I would do if I had bought at 11 or 12.

Thread:

Did you see today's price action. It opened up because of all the overnight market orders that came in, most of them were buys. It's not market maker manipulation, just supply and demand. They always do this with stocks. Much of the daily volume comes in over night, so depending on whether they are buying or selling, the stock will swing rather dramatically in one direction at the open. If the stock opens right near where it had close, it is because overnight market orders were about even between buys and sells. Often the open is the high or the low for the day, because when traders see the over reaction they come in and buy or sell at what they now consider a premium or a discount and drive the stock back closer to where it previously had closed. This is why I never will put a market order in when the market is closed. You just don't know where it will end up filling. If you have to place your order after market closes use limit orders, unless you are sure which way the stock is going to open.

I was encouraged by our new near term high, 16 3/8. It looks like 14 7/8 - 15 is our new support now and not low 14's as we have not broken below this in 2 days, so even though we closed down for the day, the price action was still favorable.

Bill Z
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