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Technology Stocks : ZENITH ELECTRONICS

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To: Mike Iannamico who wrote (265)	5/7/1996 11:50:00 PM
From: Jim Privat	of 578

Hi Mike, Regarding being unable to trade first thing in the morning the last couple of days: This is not a sign of manipulation. What happened is that the last two days trading in ZE was halted at the opening because of an "order imbalance". I don't know all the mechanics of it, but basically it's because there were many more people wanting to buy than wanting to sell. They halt trading for a bit, and adjust the opening price upwards. So, yesterday it closed at 22 7/8, but today they opened trading at 25 (or whatever). They raise it up to try to even out buys and sells a little more. It's known as "gapping up" at the opening. It's a normal thing that happens to lots of stocks that are hot. As for the lightning quick change in mood here . . . I wouldn't really attribute it so much to people trying to scare others out. It's really more of an emotional transition from greed and euphoria into fear. And when fear sets in, people start looking for reasons to get out. That's why, in my opinion, the mood of the posts changed so rapidly. Jim

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