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Technology Stocks : Seagate Technology
STX 253.38+6.7%Nov 24 4:00 PM EST
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To: Raptech who wrote (5608)9/9/1998 2:56:00 PM
From: William Epstein  Read Replies (2) of 7841
 
Raptech;

The stock peaked at 27 1/2 in Sept. and then dropped to 16 1/8 within 8 or 9 trading days. They started dropping precipitously before the market went bust. I might remind you that although, Quantum went down during the bust too it did not decline anything near 11 3/8. On a price basis and a percentage loss basis Seagate led the pack by a lot. There was no reason for that kind of decline other than manipulation of the stock's price. This is a textbook case of what I have been writing about for more than a month. This specialist has done so before. The converse is that after Seagate hit its high the stock fell precipitously and then for no good reason shot up to 46 for 1 day. They were shorting the stock in preparation for a long and very deep decline. Look at a long term chart. It is right there in front of you. You don't have to believe it but what I like about Seagate is that it is a textbook case of specialist manipulation and viewed from that standpoint, it is predictable. As I have said, the real question is, whether or not, the specialist will cross the 30 mark in October. Viewed from my standpoint this latest decline did not worry me nor does the market, in general. The Seagate specialist wasn't the only one doing the deeds I have described.
William Epstein
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