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Technology Stocks : America On-Line (AOL)
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To: Rommy B. who wrote (17868)5/20/1999 4:20:00 PM
From: Steeny  Read Replies (1) of 41369
 
This looks like an option play. Volume today was putrid. Look for further downside tomorrow especially if the volume is this thin. The fact is, there has not been a lot of put writing in AOL. All the big option trades(below 150) were call buying. To put it simply, everyone who wrote those calls(big players) wants their money back. The market is making it easy for them.
Thin volume is a dream for option writers this close to expiry. They can push the market wherever they want. They will push as hard as they can tomorrow, especially the last hour of trading. They also might sell very hard in the morning, cover their option positions, and then set the market free. I have seen it happen both ways.
Under normal circumstances, a news story or market sentiment would foil them. But, it doesn't look like that will happen.
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