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Technology Stocks : Seagate Technology
STX 325.99-0.1%Jan 20 4:00 PM EST
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To: Kevin Linder who wrote (6898)2/21/1999 11:00:00 AM
From: William Epstein  Read Replies (1) of 7841
 
Kevin Linder;

I am aware too that the market is evolving and changing. There are new forces coming into the market almost weekly that change the old equations. Many of the same people that are behind the floor operations are also the people that run these funds or they have surrogates doing it for them. Although, the hedge fund phenomenon in it's size and strength may be new playing both sides of the coin is not. Conflicts of interest is not, either. Keeping up appearances is not. You don't have agree with me at all regarding specialists. There is much evidence to suggest that other forces are at work and indeed they are. One thing I have no doubt about. SEG is not viewed on the Street as overvalued. Indeed, all the reports show the opposite. That's good news. I might point out that the stock was shorted and then dropped by price breaks 5 times in the last 5 weeks. 3 of them in the last 2 weeks. the average break was 1 5/8- 2 pts. This is abnormal behavior for SEG. Anyone looking at a 3mo or 6 mo chart can clearly see that the stock's price is being deliberately forced downward. I really don't care if its the specialist or someone else who is doing it but its clear to me that someone controls the price of this stock. This price drop is no accident or coincidence. If it were then I couldn't have predicted it or its dimensions in the middle of January.

The public does not hold stock short for 2 years. The public does not reduce shorts in predictable quantities. There is a reason for this. After all, that's a lot of money tied up. However, if you tie up a sum but can get a return that's 10 times its value then its worth doing. By process of elimination who else could it be? Remember, I also said arbitrage by hedge funds can be detected. Specialists still hold most of the shorts today though, its rarely 90%. Good to hear from you. We'll talk again soon.
PHOTOMAN
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