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Strategies & Market Trends : LastShadow's Position Trading -- Ignore unavailable to you. Want to Upgrade?

To: Redhook who wrote (16152)	6/24/1999 9:44:00 PM
From: AugustWest	Respond to of 43080

hi redhook. It's my understanding that the pop we experienced this morning was short covering from a withdrawn secondary offering underwritten by ML. Apparently most of those shares(priced at $39) went to weak hands, they paniced over the Wells FTU and Chase announcement of "The Exchange", and sold their shares. When the announcement came that the offering was withdrawn, those who sold from the secondary actually sold short as there were no shares for them to sell(I don't know, sounds screwy to me). So the action in premarket and early morning was short covering. Then it was back down to the lows of the day. This is a tough one to do right now with technicals. If that's the sole intewntion, I'd wait. But remember "news screws", and there's a lot of it right now. Might fly back to $40, or sink to the upper teens befor finding footing. BTW, the CFO will be on squawk box tomorrow morning some time before 8 a.m. Sorry for the intrusion, hope this helps a little.