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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 10:34:00 PM
From: Kris Barski   of 852
 
Maynard. Today's action in QCOM was totaly rigged(SEC take notice). Classic case of stock price manipulation. I watched this stock all day. They took it down in the morning and sucked around 1M shorts in. Then started pushing it up. When it got to around 39 they turned the computers on and panicked the shorts. This short squeeze helped to move the stock to 41.5. Shorts didn't knowing what is going on and were covering like crazy. Perpetretors new that earnings are bad and they have to unload before tommorrow. Also they couldn't allow stock to collapse from 36 that is why they pushed it to 41.5. This gives them 5 cushion. I think it is still going down big time. To prove it I bought August 35 puts. How can this thing go up 2.5 in face of 16 point drop on NASDAQ and bad earnings to boot?. Plus check the volume. 3M shares looks like a blow off unloading to me. It will gap down tommorrow. When NASDAQ gets down to 1000-MSFT will not stop the slide either-QCOM will drop to 25.

I also checked option prices. When I was buying my puts stock was at 38.25 and I paid 2. When stock hit 41.5 the same option was going for 1 3/8. Normaly it would be worth 7/8. Option writers knew that stock is going down tommorrow that is why they were pricing it so high. Don't worry and sleep well. Kris
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