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Technology Stocks : DELL Bear Thread

DELL 146.68

-1.7%

Nov 7 9:30 AM EST

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To: jjs_ynot who wrote (2185)	10/20/1998 9:21:00 PM
From: Bilow	Read Replies (2) of 2578

Hi dave_s; That was some weird market action today... The Nasdaq sold off in the late afternoon before the futures did. And CSCO was exactly contrary to futures in the early morning. A good thing I was paper trading, cause I was creamed in the early AM and late PM. My theory for what was happening was that Mr. and Mrs. small investor were dumping their shares, having learned the other side to "buy the dip": "sell the rallies." DELL's decline was largely driven by Goldman Sachs, though. They hung on the ask in the face of huge buying pressure, providing shares from an apparently inexhaustible font. It was nasty. A lot of stocks showed topping action today, (that is, they rose and then fell back to near their opening prices). My expectation is a couple of down days for the rest of the week. (Good thing I generally only hold positions for 5 minutes, cause I'm not too good at making longer predictions. But I'm pretty sure that, in the absence of an extraneous influence (good earnings), we will see a down market till Monday.) -- Carl

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