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Strategies & Market Trends : FAMILY GOLF CENTERS (FGCI)-Expensive!!
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To: Marty Rubin who wrote (73)2/17/1999 7:28:00 PM
From: Dave Twibell  Read Replies (1) of 87
 
Level II look at today's action if anyone is interested. Stock showed some pre-market interest, but this quickly evaporated as it became obvious the market was going to open sharply lower. Quick early selling and then a firm bottom off 7. Buying ran into a wall when OPCO held 7 1/4 in the face of a ton of buying, obviously working a large order for an institution. JEFF and HRZG were also big seller today. The close looked very strong, though, with none of the major sellers anywhere near the ask, and a sharp move up to 7 in the final minutes. There are obviously buyers at these levels, even today when most buyers were taking the day off. The big questions are whether the institutions are done selling (hard to tell at this point) and whether the market will turn positive encouraging further buyers to jump in. Lots of cash on the sidelines right now, it's got to go somewhere.

Dave
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