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Technology Stocks : CDMA, Qualcomm, [Hong Kong, Korea, LA] THE MARKET TEST!
QCOM 154.55-0.8%3:59 PM EST
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To: Frank Byers who wrote (974)10/2/1996 5:50:00 PM
From: Gaffer   of 1819
 
I thought the selloff today in QCOM was odd. The volume of shares did not seem that great.

I just checked out the interday chart @ Lombard. It confirms that the sellout was not exceptionally large. It looks like another example of the OTC dealers dropping their bids in the face of sell orders. It could have been a mutual fund selling approximately 100,000 shares.

Sometimes, low volume selloffs like this appear to be dealers covering their short position. They may be short stock and want to cover their position without too much loss before an advance.

Watch. If no negative news comes out and the stock snaps back, I'll bet it was short covering.
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