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Technology Stocks : Zitel-ZITL What's Happening
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To: NYBellBoy who wrote (17116)8/26/1998 11:02:00 AM
From: Marconi  Read Replies (1) of 18263
 
Hello NYBB:

What is the action on Level II today? Looking at the Yahoo daily chart, it looks like the MM sucker punching trades to mask the bid-ask are continuing. The few blocks may have been short sellers covering, but because there was little effect on the price compared to recent days, it may have been the MM shuffle. I'll see if I can get to some of the recent daily charts and estimate the price sensitivity to isolated blocks.

ZITL price action reminds me of observing the 6" steel piping supporting the stairway to the upper story of an apartment nearby--I just noticed the bulging of the top few inches of pipe, then on close inspection could see perforations throughout the top section. That section was little more than a flaking coating of paint holding some residual metal in a tube-like shape. I think I could take it out by hand leaving a gap The capital value of ZITL seems like this -- a one-way corrosion, shedding bits and flakes of capital all along. Is it going to be a dull corrosion to delisting or will there be some selling spikes downward, with prospects of re-entry after the spike? I'd like to see spikes downward as in the past, with possible re-entry.

I suspect there may be some technical trading kicking in if the recent low of 3-7/8 is crossed.

I would like to see some serious volume selling occur before I take much stock in the current pricing of ZITL. My gut feel is ZITL should be trading below 2, and based on fundamentals, cash in hand, or well under $0.50, discounted by at least $0.10 per month.
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