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Technology Stocks : IATV-ACTV Digital Convergence Software-HyperTV
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To: mike.com who wrote (652)3/16/1999 3:23:00 PM
From: Ron Harvey  Read Replies (2) of 13157
 
<< Somebody is probably shorting the hell out of it.>>

I know several traders who, after taking profits, shorted at prices between 7 3/4 and 8 with the intention of closing their positions in the mid 6's. They just played the typical pattern of stocks correcting after a big run. So I doubt if there's significant shorting now. My guess is that a lot of individual investors got excited by the momentum and some of the hyperbolic price predictions here and elsewhere, bought in the high 7's and 8's with fanciful notions of seeing the teens in several eye blinks, and now, along with other weak hands, are cutting their losses. That's the downside when players pluck price forecasts from their imaginations. Many inexperienced folks actually believe these forecasts (or convince themselves to believe them), then get burned. I suppose that some of the forecasters believe them, too.
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