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Technology Stocks : PSFT - Fiscal 1998 - Discussion for the next year
PSFT 0.00010000.0%Oct 29 5:00 PM EST
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To: Chuzzlewit who wrote (1832)8/20/1998 4:01:00 PM
From: space cadet  Read Replies (2) of 4509
 
First off, market makers do not manipulate stocks really, except during option expiration week (which this week is). Most market makers do not ever want to have a long or short position-they make their money on the spread. They will hold for a short while, a few minutes or perhaps longer, if they sense they can make more money but in general they won't hold overnight. However, mutual funds and institutions who already have a huge position in a stock can and do manipulate the market for their own purposes, typically because they have sold a ton of options-usually but not always calls. In this case the big boy will sell some of his huge holdings of the stock to drive the price down temporarily so that his calls expire either worthless or worth less than if he did nothing. Obviously this second kind of manipulation can only be done in stocks where institutions already own a large amount. That is simply the price you pay for institutions owning the stock. It happens all the time.
I am new to psft and looking to get in at a fair price. However I suspect that we are entering a correction in Sep-Oct and will probably wait till the correction seems over, perhaps by Nov. Using TA, does anyone have a good feeling for what price what be a good entry price. I think somewhere around 25 but I anticipate psft will mount a strong fight at 30 first. Longterm I like this stock and think it could hit 50 in a year provided there are no unknown problems lurking.
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