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Technology Stocks : Neomagic Corp. (NMGC)

NMGC 0.00750

-0.7%

Dec 30 3:57 PM EST

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To: Mohan Marette who wrote (2118)	11/16/1998 1:54:00 PM
From: vincenzo	Read Replies (2) of 3645

The price action lately is reminiscent of the period after the Feb. earnings announcement. A short drop down, followed by a slow grind through resistance at 18-19 1/2, and then a fast lope to the best levels of the year. This time, however, is different. The action is dominated by block trades of 5k - 50k, which march across the tape, one after another, removing all doubt as to where all the buying interest is. The long and short of it is that at some point soon copulation will occur, as one faction bends over and takes it to the rear. Who is going to blink and lose their dignity in such a rude fashion? The longs or the shorts? My bet is that the next round will go to the longs. I believe the major sellers at this point are shorts who are expanding their positions at this level. If my theory is correct, we should see the short interest number move up sharply when it is reported in a few days. If the buying pressure we have seen from institutional buyers continues, the shorts will have to relinquish some ground soon to avoid digging themselves too deep a hole. But it is already too deep and when they bend over - it's gonna hurt. vincenzo

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