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Technology Stocks : Ciena (CIEN)

CIEN 204.21

+2.0%

Nov 28 4:00 PM EST

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To: James Fulop who wrote (6284)	1/31/1999 12:26:00 PM
From: Gil Gilbertson	Read Replies (1) of 12623

From the stock action and volume it would appear that someone is accumulating a position within a given range. When the stock drops to support, they come on board like crazy and buy everything on the ask side up to their limit. Then they step back and it settles down until the next run. This is the way an institution (or plural) goes about building a large position. There is simply too much stock being bought to be the result of rumors. However, this requires patience as this type of buyer is in no hurry and wont chase a stock they are after. If it is a prospective buyer, then it goes on until they cant buy anymore on the cheap and then they make their offer. This just occurred with TSCN, some one was buying, buying and more buying in the 4 to 6 range. He finally had to disclose because he had more than the 5% ownership rule dictates. Turned out he had 2 mill shares and then came the CNBC announcement and he now owns it at 16 and climbing...such a deal? In the meantime the traders and marketmakers hover around the stock like flies trying to get a bite here and there. gil

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