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Strategies & Market Trends : Tech Stock Options
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To: donald sew who wrote (26856)10/24/1997 12:25:00 PM
From: Tom Trader  Read Replies (2) of 58727
 
>>Sorry to sound so negative, but I just have to believe that there was manipulation involved, especially being a technician.<<

Hi Don--the last thing that I want to do is to start another debate on market manipulation but let me give you a scenario that has nothing to do with manipulation.

First the market was over-valued and some sectors were ridiculously over-valued. Second, we have gone up almost in straight line without any correction to talk of. Third, there were momentum failures during the last two rallies and the market was not been able to take out its recent highs. Fourth, there were real problems in the sentiment arena, with excessive bullishness, heavy specialist shorting and heavy insider selling.

It was suggested more than once that with the favorable interest rate environment and flow of funds into the market that it would take an outside event to start a decline and the problems in SE Asia and then the decline in HK was the catalyst. I personally don't see that the Asian situation can have that much of an impact on the fundamentals here other than on a company specific basis but that is not to say that it may not be the reason for a much needed correction.

As far as INTC is concerned--the company issued several cautionary statements regarding revenue growth and declining margins.

So I think that it is a mistake to attribute the recent sell-off to manipulation any more than it was manipulation that sent prices up dramatically over the past year.

Regards
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