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Technology Stocks : Ascend Communications (ASND)
ASND 205.50-1.5%Dec 5 9:30 AM EST
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To: Gary Korn who wrote (28396)12/19/1997 4:49:00 PM
From: Alok Sinha   of 61433
 
Gary,

With the level of open interest in the Dec 25 options (Calls >>> puts), it was not surprising to see the stock being pulled down on low volume. However, once volume increases the option strikes become meaningless. It is akin to the tail wagging the dog in that situation. My guess is, that once it was clear that 25 would be breached on good volume, MMs tried to buy the stock in large blocks so that in effect they have covered calls which will be exercized on Sat. I think that technically we will see a big bounce Monday / Tuesday in techs before the next wave of selling. the comback of NASD from -35 was most impressive and there is bound to be some follow through action. ASND could easily pop back up to 30 (as you predicted) though I doubt that it will be able to stay there for long.

The action in SUNW and COMS was encouraging today also.

Regards

Alok
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