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Technology Stocks : Apple Inc.

AAPL 271.50

+2.0%

Nov 21 9:30 AM EST

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To: Andrew Danielson who wrote (21645)	1/4/1999 3:33:00 PM
From: HerbVic	Read Replies (3) of 213173

While, "So as people become more gun-shy, they try to "anticipate" the trend so they don't get stuck again" may perhaps have some effect, it does not explain a sell down from 42 1/4 to 40 on the day before Steve's address. I think the bigger story is the MM's and other investor's huge miscalculation concerning inventory stuffing and their betting large short positions. As the volume slowed, they would drop the bid and at the same time get under the ask to try to panic sellers. Once the downward momentum has started, bidding slows even further until an appreciable bottom becomes evident. They know that tomorrow is going to bid the stock back up. They would much rather it bid up from a position of 40 rather than 42. The longs will win. At some point, the price busters will have to cover. HerbVic

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