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Technology Stocks : Seagate Technology
STX 237.49-1.3%Nov 21 4:00 PM EST
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To: TEMFASSBAL who wrote (6725)1/22/1999 11:26:00 AM
From: William Epstein  Read Replies (1) of 7841
 
TEMFASSBAL;

I think we are. Again, it comes down to watching the specialist's patterns of trading. What I mean is this. I believe, from what I've seen there isn't enough volume or downward momentum to call a bottom yet. I checked the 60 day SMA and the 120 day. It is about 32. Last time he penetrated the 60 day. Therefore, I believe we will see more downward moves next week until he gets to his goal. Guessing about 32-33 then I will grab it.

I'm not sure about why he suddenly dropped to 35 1/2 this morning but it was only for a minute. You could never have acted that fast. It is what I call the trap door effect. I believe, a big block came through, at market and he dropped the price for a minute to grab it.
I've had it done to me and boy does it piss me off when it happens.
The volume suddenly jumped from 450,000 to 732,000. This guy did the same thing to Stitch, on a smaller scale about 2 weeks ago.

Look for the heavy volume 5-7 million shares to accompany a precipitous drop in price. That will be the bottom. The specialist usually takes about a week to wrap this up and this is the third day.
It isn't worth it for him to cover shorts yet and he has to induce some panic selling to do it. Hence, the volume. The fact that he grabbed the big block tells me that he intends to take the stock much higher in the near future.
PHOTOMAN
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