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Technology Stocks : General Magic
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To: Iraklis who wrote (3383)8/6/1998 2:21:00 PM
From: Seconds Out   of 10081
 
I don't think anybody can tell you a definite "why". Certainly fear took over around noon on friday once the price fell below 10.Look at the volume before and after noon. I feel it was a situation of get out before the next guy and then try an find out what is happening. I feel monday's carryover was due to margin calls and some leftover selling pressure due to the shock value of friday.

What caused the stock to push down below the 10.25 resistance point? Whatever the reason, some saw an opportunity occur to push the price down after seeing that no real positive reaction occurred on thursday after the rollout. Thursday showed that buying pressure dried up, and the setting was ripe for this type of occurance. Nobody would step up to the plate and buy friday afternoon, including the MM's until the stock price was decimated.

I believe very strongly in the company and product line. It appears right now that people are getting rational again and coming back on board. I also feel the company has handled this situation very professionally . Anyone else who has talked with IR seems to feel the same as I do.

I have some personal beliefs as to how this happened, and those beliefs don't involve the Preferred Shareholders or any sinister plot. I do believe that those who had the ability used the situation to their maximum advantage. Based on what I believe, I felt very comfortable on monday afternoon buying back the portion of my position that I sold early friday.

All this is of course only my opinion.

Best wishes to all believers in the magic.

Seconds Out.
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