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Technology Stocks : Network Associates (NET)

NET 195.68

+1.0%

Dec 19 9:30 AM EST

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To: brokker who wrote (4908)	4/12/1999 2:19:00 PM
From: Just_Observing	Read Replies (1) of 6021

No post in 15 hours with 6 million shares traded. I am surprised there are not more posts on such a heavy trading day for NETA. It's almost eerie. There's high volume today. It cannot be the shorts who should have covered up some of their positions here earlier(or at least bought calls to hedge). The funds bailed out when all the downgrades hit last week. By elimination, it must be the day traders spinning their roulette wheels. Now they appear to be panicking and bailing out to preserve their gains for the day as NETA heads towards the low of the day. Not much option activity today. Mainly calls being traded as may be expected since there is not much room for fat put premiums. The calls have become very inexpensive. The June 17.5s, one of the most active with around 300 contracts traded, are going for under $3. Must be the shorts hedging their positions. The Jan 2001 15s are going for 8 3/4.

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