Anyone that thinks fund managers tactics can't supress or drive a stock look at last 4 days of JUNE and first 8 days of JULY in 1997. They knocked it down from 43+ to 39+ in the last days of JUNE only to light the wick on it in JULY, JULY 1 up; 1 1/2 to 40 3/4. July 3 up to 43 1/2, ** July 8 up to 47 3/4**, July 14,-- 51 3/8, July 16,-- 53 3/8, July 24, --56 3/8, August 1 closed at 57 13/16. UP 17 POINTS IN ONE MONTH *(up to 66 7/8 Nine more points on the first of Sept). The point I'm trying to make is some End of Quarter and end of year dressing is going to occur, we will live thru it.
** DEC '96 went from 34 to 28 3/4 only to bounce in Jan '97 to 35 1/8. |
