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Technology Stocks : Zenith - One and Only

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To: james m dickerson who wrote (3527)	12/4/1997 5:09:00 PM
From: John Cuthbertson	Read Replies (1) of 6570

James, Bob, et al.: Well, I bought more Zenith shares yesterday at the bargain price (I hope!) of 7 1/2. Please count my modest 300 shares toward the proxy total for Bob. I don't normally put much faith in "technical analysis," but there's one thing I noticed while doing my analysis of Zenith that I thought people here might find interesting. The steady slide in the ZE share price from over 12 in July to under 8 now has been on consistently quite light volume. In fact, since the July 15th high while there have been 32 more down days than up days, the total volume on down days exceeded that on up days by only 7.8M shares out of a total 27.3M shares traded. This is less than one might expect given the 40% fall in the share price. In addition, heavy volume tended to move the price more on up days than on down days. The indication from this would seem to me to be that while there have been few buyers for ZE in recent months, there really have been no big sellers. In other words, the big institutional players have been hanging onto their shares. Does anyone have any supporting or contradictory analysis? Good luck! ==John Cuthbertson

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