NovaCare Employee Services (NASDAQ:NCES) Message Board

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Non-Tech : NovaCare Employee Services (NASDAQ:NCES)

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To: Todd D. Wiener who wrote (316)	4/1/1999 2:38:00 PM
From: Dave Hanson	Read Replies (1) of 376

Todd and all, I generally agree with your two points, though I'm inclined to think that at this juncture the second (runup) is much more influential than the first (NOV's woes,) since (a) the correlation in price action has eroded dramatically, and (b) NOV's previous sub-2 woes have offered plenty of occasion already to scare out hands suceptible to this argument. Your volume point is especially apt, IMHO--despite the gradual, painful decline of shares throughout the day so far, there are few big sells, and 1/4 of yesterday's volume. That suggests to me that little guys don't want to see their gains evaporate, for whatever reason. I also agree with you in general on MM manipulation, but as I posted earlier, it's very hard for me to see how it was operative here--especially when the factors you cited would account for the winding down. If not rumors of a pending deal, perhaps it was a mutual fund that wanted to get in by 1Q end. In any case, such conventional explanations strike me as more plausible here. Would welcome any contrary thoughts you might have.

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