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Non-Tech : Lufkin Industries (Nasdaq: LUFK)
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To: Jean-Philippe Chevalier who wrote (32)2/27/1998 4:13:00 PM
From: Todd D. Wiener   of 103
 
Don-

There was some large-scale institutional dumping of LUFK a few minutes before the close. Although this drop puts LUFK below its 200-day MA, it sits on support at $29. More importantly, very short-term price action doesn't fit well with TA, because no one has had a chance to react, and the sell was akin to the 554 pt. drop in the DJIA in October. There may be a big rebound on Monday. In fact, I'll bet that the institution wanted to make sure that it sold everything today; that's why the stock dropped 10%. It might be an interesting trade to buy on Monday morning and see what happens. I am not aware of any news regarding the company, so I suspect that this is a buying opportunity for those interested in buying.

Todd
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