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Technology Stocks : The New QLogic (ANCR)
QLGC 16.070.0%Aug 24 5:00 PM EST
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To: Craig Stevenson who wrote (12822)12/2/1997 3:27:00 PM
From: Rick Smith  Read Replies (2) of 29386
 
Craig: I really don't know what the time frame would have been.
My thoughts on this are that the Myers Pollac inventory shares sold would have little effect, if any on the stock. Their clients shares on the other hand could still be in the process of liquidating today. (But have probably been cleaned up by now.)
Just imagine if a small brokerage firm you were doing business with was closed by the SEC because of a number of charges including high pressure sales tactics, stock manipulation, etc. Any stock that they sold you, no matter how good the company really was or how good the stock's story really was, would give you enough reason for concern that you would sell. Without regard for price. And with the other traders on the street savvy to this fact, willing to buy your shares at significant discounts to true market value.
Be glad you don't have other stocks that they have been market makers in, as I do. This isn't an excuse for poor performance, but instead an ugly fact in the world in which we live. The system does work to shoot the bad brokers, but still doesn't do much to help the investors who are damaged. But if this really is the story behind the recent selloff on no news, then we should have significantly brighter days ahead. IMO
Good Luck. Rick..
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