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Technology Stocks : Open Text

OTEX 38.35

+1.2%

Oct 31 9:30 AM EST

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To: Jim Revell who wrote (1009)	1/11/1999 7:36:00 AM
From: Trader Bob	of 1195

Think about index addition this thursday This thursday night when OTC gets added to index, the indexer's have a vested interest in closing OTC as high as they can. This is because indexer's begin purchasing stock prior to the close and the value of their position is transfered into the index book at the closing price. Some times it can be quite dramatic. When Ballard got added the indexers ran the stock 2 dollars in the last couple of minutes. However, portfolio managers are not asleep either. If they are looking to lighten up on their positions they will use this time as a potentially good time to sell. Normally, the day after being added (Friday) the stock will come off. This is because indexers are risk adverse and do not want to speculate on having to buy too much a position after the addition to the index, as it will affect their performance. I've basically posted same post on RIM thread as they and cognicase also being added thursday night. Good luck. Bob

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