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Strategies & Market Trends : Shorts waiting to happen
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To: Maynard E. "Buzz" Mills who wrote (312)7/22/1996 10:58:00 PM
From: Kris Barski   of 852
 
Maynard. Today's action in QCOM was totaly rigged(SEC take notice) Classic case of stock market manipulation. I watched this stock all day. They took it down in the morning and sucked in 1M shorts in the process. Then started pushing it up. When it got to around 39 they turned the computers on and panicked the shorts. Shorts didn't know what is going on and were covering like crazy. Perpetrators new that earnings are bad and they have to unload it before tommorrow. Also they couldn't allow it to drop from 36 that is why they pushed it to 41.5. This gives them 5 cushion. I think it will gap down down tommorrow and drop big time. To prove it I bought August 35 puts. It can't be that this thing goes up 2.5 in face of 18 point drop on NASDAQ and bad earnings to boot. Check the volume. 3M shares looks like blow off unloading to me. When NASDAQ goes to 1000-MSFT will not stop the slide-QCOM will drop to 25. I checked option prices. When I was buying puts stock was at 38.25 and I paid 2. When the price moved to 41.5 the same put was going for 1 3/8. In normal situation it would be worth around 7/8. Put writers new that stock is going down tommorrow and demanded fat premium. Don't worry and sleep well. Kris

P.S. Even if earnings were good stock would gap higher at the open and close well belowe 40 by the end of the day.
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