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Strategies & Market Trends : Tech Stock Options

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To: Robert Graham who wrote (41305)	4/26/1998 7:38:00 AM
From: jjs_ynot	Read Replies (2) of 58727

>>> One key to this puzzle here is noting how the funds were willing to aggressively and even IMO recklessly purchase very large blocks while the stock was in a steep uptrend. This is not their standard method of operation. Funds normally cannot afford to purchase stock like this since this approach can cost them allot of money unnecissarily. In this way, they are working against themselves. Normally in a situation like this, funds will purchase during selloffs by the market which provides them with a ready supply of shares to purchase. So this activity is not a normal rotation. <<< This type of activity by larger institutional buyers suggests that the large block buyers are having the same difficulty that many others are. Specifically, there are few areas of compelling valuation with the market at this level. Thus the funds and individuals are going with what they know. Large techs for funds and individuals are following the Market Makers into the Internet mania. This does not suggest much of a sustained move up from here.

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