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Technology Stocks : Apple Inc.

AAPL 265.28

-3.7%

11:53 AM EST

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To: HerbVic who wrote (21126)	12/9/1998 5:11:00 PM
From: Richard Streetman	Read Replies (2) of 213186

<I have only one conclusion: It must be tax selling> I don't think so. The trade action in the past 3 days has been characterized by INCA (not a marketmaker but an ECN that marketmakers often use as a disguise) sitting at the inside ask, refusing to raise the ask price even in the face of constant buying, and quickly dropping the ask when buying drops off. Normal sellers would try to get a better price in the face of buying. Big sellers would have already sold at a better price in block trades. I can think of only one reason for this trade action: some very large broker wishes to drive down the price of AAPL and has access to a large number of shares to borrow for shorting. Today's INCA action was far less aggressive than earlier in the week; perhaps the broker is happy with AAPL at 32. What surprises me is that this broker doesn't take some of his profits off the table at the end of the day. It seems a little early in the month to attempt to hold AAPL down for options expiration. I would appreciate anyone's opinion about the motives of the big seller using INCA.

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