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Technology Stocks : Apple Inc.
AAPL 273.67-1.7%3:32 PM EST
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To: RX4PROFIT who wrote (10565)3/31/1998 3:22:00 PM
From: Phillip C. Lee  Read Replies (2) of 213176
 
Dennis,

The scenario they played today is totally abnormal. It seems a group
of big guys locked with 27 11/16 ask x 27 5/8 bid for more than 4
hours. I have never seen this kind of phenomenon before. The only
reasons I can think of are:

(1) the shorts tried to cover back, so whenever it moves up, they
sold;
(2) the money managers tried to buy large chuck of blocks, but not
many shares can be purchased, hence they locked the prices so
the results will be similar to buying blocks.

Just my personal opinion.

Phil
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