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Technology Stocks : America On-Line: will it survive ...?
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To: Hawk who wrote (2419)3/14/1997 5:53:00 PM
From: James F. Hopkins   of 13594
 
HI Marc:...well she ended the day again with more sell orders
than buy orders..this time 20 to 1..but she held her price
fairly good..what I'm starting to look at now is "if" they GAP
her up..like they did today..she closed yester at 44, "right"
she had an 8 to 1 on the sell side of the spread..yet they opened
her at 44-3/8 I call that a "gap up"..most 80% of the time
mullets run in as they see her go up..and that pushes her higher
when the market makers see the incoming bids trail off they
let her retrace..most of the time a GAP UP..or Down that is
aginst the bid/ask spread will always retrace and any really fast
short seller ( day trader ) could have shorted her on the peak,
and some did, and then came in to rebuy her on the retrace..
she was an easy 1.5 to any short seller who jumped in and
out today. Thing is me afraid of that because I don't have the
calls to call her if someone does a suprise and runs her up
before I can cover..any way I sneked in and got some cheap
puts on her run up..and sold them later for a little 1/8 gain..
but that was penuts to what the big boys made.
Any way I'm short long term..july and jan..and I'm not going to
play her short term *( except day trading )*..and only then
whn I see them GAP..her aginst a strong bid/ask spread.
You have to be watching her close and getting real time quotes
to mess with it, and like today it was hardly worth fooling
with..them ones who bought calls back when she was in the 20ts
have the aces, but the short selling has droped off some.
Unless something happens unusuall she will tick down again
monday..but just a little.
Jim
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