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Technology Stocks : Qualcomm Incorporated (QCOM) -- Ignore unavailable to you. Want to Upgrade?

To: J Langholtz who wrote (57310)	12/28/1999 10:47:00 PM
From: Voltaire	Read Replies (1) \| Respond to of 152472

Hi J, the point I have been making is there is not that much demand on a day like today. You might think there would be but obviously there was not. MM's really only have good control when the demand is low. That is why I have said many times: " everything being equal, in other words no pressure either up or down, the MM's can do what ever they want to with the stock", you saw that today, no upward pressure and they could take it to almost any level they wanted as witnessed by a 50 point or more swing. So why would MM's want to be gathering shares and for what pressure. There will in my opinion be one last barrage of pressure and it will probably come Thursday and primarily in the afternoon. Why will this put pressure on the MM's? IT IS ONE OF THEIR JOBS TO PROVIDE A TWO SIDED MARKET. This being the case they can do one of two things 1. In a relatively neutral pressure situation like today, they can force the stock down to levels that will provide a source for cheaper shares ( although I am not convinced it is their intent to force it to levels like today, they will take it if the fear gives it to them) or 2. they can resort to selling shares from their own inventory. I am sure you now can see where a demand for shares from the shorts to cover their positions will at some point and my guess is Thursday afternoon, put pressure on the MM's to provide as much of an orderly market as possible but at some point they will be forced to let the Q run provided the buying pressure is sufficient. So the demand is not what is out there at the moment but what will come and I do not see it in the morning but rather Thursday afternoon. So my answer to you about all of this demand being around, It is not at the present but probably will be and they have to prepare for it. Voltaire