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Technology Stocks : Check Point Software (CHKP)
CHKP 197.40-0.7%Nov 14 9:30 AM EST
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To: Mark Oliver who wrote (2219)4/30/1998 3:21:00 PM
From: Danny Chan  Read Replies (2) of 7150
 
Mark.

My opinion is that competition and earning report will not drive down the stock that much, and especially with such high volume. The volume in the past 5 days has been more than the entire trading in March.

I think it's still due to some big sales by insiders or institutions and the MMs take this advantage to manipulate it even further. As a high-tech company with IPO less than 2 years, insider sales or institutional sales are common. Remember that IPO is usually a small amount of outstanding shares to be sold and these venture capitalist who funded the company paid much less for their stocks. With so many hot start-ups to go, they will consider to sale some stocks and invest into other new start-ups. It's a typical redistribution of shares. Another important point is that whenever there is stock for sale, there will be buyers and do you really think that all the buyers are small investors bargain hunting? NO. I think the majorities were still bought by mutual funds. The volume tells everything. I would be more suspitious if the stock move down on averge or low volume.

The timing of this redistribution is what it appears to be painful as the general market is making new highs. I had numerous lessons in similar situations and I'm sure this only will not disappoint me as well. Another example, ADI was in heavy redistribution last Dec and I was happy to get in at 24 and change.

Danny
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