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Technology Stocks : Adaptec (ADPT)
ADPT 18.85-4.2%Dec 1 3:59 PM EST
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To: Bald Man from Mars who wrote (2023)5/4/1998 12:02:00 AM
From: slipnsip  Read Replies (1) of 5944
 
Will it pass the 19 mark? Based on the high volume sell off and no rebound at the end of the day, it would appear so. On the other hand, it was Friday and the market makers were running scared. No one wanted to go into the weekend long. Thus since so many were selling to the market makers, they just kept dropping the bid. They didn't want to be accumulating tons of stock.

Conclusion: Now that we are in a fresh week, it is highly likely that the market makers will be willing to pick up the shares at $19 looking for a purely technical bounce. My guess is that we open quickly at $19 and run at least through the morning hours to the upside. What happens after that is anyones guess.

Now looking at the market as a whole, last Monday the market sold off over 200 points on the dow based on interest rate fears. The tech stocks did really nothing but slowly drift down all week. Then Tuesday, we get a report from the Washington Post that maybe the hike isn't so immenant. A few economic releases later, and the interest rate sensitive stocks that got slammed on monday pretty much fully recovered by the end of the week. Their was no interest in the Techs all last week. Praying for a sector rotation to the techs this week to follow up the lack of fear of a fed rate hike.

Cheers. Long at $19 5/8's.............
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