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Technology Stocks : SSA (SSAX) BPCS/Client Server
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To: mike mulhearn who wrote (334)12/9/1997 5:12:00 PM
From: Rich Young  Read Replies (1) of 915
 
I think you're looking at 5's again before this is all said & done, just like last Spring. You're trying to catch falling knives here & the final blowoff hasn't occurred. It's hard to recognize when it's really over, but it's not yet and it won't be for a while, barring a white knight.

As far as why the runup & what did I know & how did I know it all I can say is I recognized a story I'd seen before recently (Novell 1Q97), in which I got burned badly. I watched the ticker & all the up volume was in bursts of small trades (1K or less, generally), but every now & then you'd see a big block offset that. The big purchase of Dec 15 puts last week (around 60-80 contracts) was also a pretty good clue. Sure the calls were heavily outweighing the puts in open interest, but all the trades were small. All this was telling me that the big money (some say the "smart" money) was betting against them & playing the runup to their advantage. This was a fear & greed situation that, in my opinion, SSAX helped set up over the last three quarters with all their hype & empty PR. I'm not the smartest person in the world by a long shot, but I was able to read between the lines for what they weren't saying instead of what they were.

Good luck to all, long and short.

Rich
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