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Technology Stocks : Novell (NOVL) dirt cheap, good buy?
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To: Spartex who wrote (20545)3/2/1998 11:22:00 PM
From: Don Earl   of 42771
 
Hi Quad-K,

Options are a little different deal. I almost get nervous when those orders fill fast. It was the way the stock orders were being reported today that was strange. My guess was that there may have been a load of short market orders at the open along with quite a few sell orders. The bid/ask would drop, a bunch of trades would flash across at or above the ask, the price would drop etc..... Trades in the mid 10s were still going across when the price was 9 3/4. Then it started doing the same thing in the other direction. NOVL is normally a fairly honest trading stock EXCEPT at the top of a run. Then it gets real ugly. The shorts get squeezed. The longs get shaken out and sucked back in. Traders get slaughtered by false signals. The MMs back up their trucks to take the money to the bank. A lot of people got burned today. A few made money but, oh, you have to be SO good and you have to be SO lucky on days like this. No up ticks to fill the shorts in the AM, so those guys probably found themselves holding a position at a much lower price, then started to cover at a loss when it turned on them. There were probably quite a few longs that panicked and bailed when it went into free fall then decided it wasn't so bad after all and wanted their stock back. And there were probably quite a few traders that couldn't get confirmation on if their order had filled and at what price until after their trading target had gone by. I could almost see someone banging their head against the wall with each tick.

Regards,

Don
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