Ampex Corporation (AEXCA) Message Board

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Technology Stocks : Ampex Corporation (AEXCA)

AMPX 7.887

+0.7%

Dec 31 3:59 PM EST

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To: Carl R. who wrote (4384)	1/8/1999 4:55:00 PM
From: Scott Pedigo	Read Replies (2) of 17679

We got through the 1-1/2 barrier today, ending at 1-7/8. That was me incidentally selling a bit at 1-7/8 of what I had bought the last time I averaged down. I put in a limit sell order for 1-3/4 when the bid was 1-5/8 just to see what would happen, then another for 1-7/8 when the bid when to 1-3/4. I felt like a farmer throwing out bread crumbs leading a chicken. My theory was that one of the big boys had made an order to buy a good chunk of AXC and that his broker had been accumulating the stock slowly over the last day or two, trying not to drive the price up, and that during the run-up to the 1-1/2 range the MM had shorted the stock, figuring it would hit serious resistance and drop back, but that when it didn't he'd try to cover before the market closed and be willing to snap up a few thousand shares of my premium crumbs. Maybe I was right, and then again, maybe I'll be kicking myself if the climb continues on Monday. I still have most of my loaf however. So what does this unexpected price strength and volume mean in terms of your analysis?

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