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Technology Stocks : General Magic
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To: CanynGirl who wrote (2506)6/26/1998 10:11:00 PM
From: Seconds Out  Read Replies (1) of 10081
 
I have done a lot of sitting back and digesting the events of the last two days, and the week and a half prior to today. For what it is worth, here are my thoughts.

I believe that a lot of people plunged in last week and the end of the prior week anticipating another bombshell announcement yesterday just like at Interop. Remember that the price moved up about 2 points on one day on no significant news. We all get a little greedy and spoiled at times, especially after a spring like this one.

I believe some of the sell off yesterday morning was from people converting part of their positions from stock to calls. We held on pretty good yesterday after the initial sell off. Again some aggressive plays betting on a grand showing at the shareholders meeting. I felt that not holding onto 14 1/2 that day sent a message that nothing big was going to be announced at the meeting. This was in direct contrast to the stock's behavior leading up to Interop.

Now about today. Though I hate to ever give back anything we have attained in price, I am satisfied by the bounce back to 12 1/2, well off of our low of the day. Talk of single digit prices is off the mark. I really don't see it happening, and I think we have already seen our bottom. I agree with those who said this was an opportunity to shake out some scared money, and I believe that some short term traders got in last week (greed factor) and jumped ship today.

I have been long on GMGC since last summer and see nothing changed by today's events other than the need for some more patience. I have added to my position each step of the way on the dips as presented and feel very good about the future. I know none of this may sound earth shattering, but I wanted to share my thoughts with those who have so often done likewise with me.

One final note. I do have a sneaky suspicion that GMGC will throw a surprise at us on the 30th. I have NO EVIDENCE to offer, just my gut instinct. I will be there and will report my impressions just as Kurt did so eloquently. Best wishes to all believers in MAGIC.
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