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To: GST who wrote (101118)4/16/2000 10:18:00 AM
From: Bill Harmond  Read Replies (3) | Respond to of 164684
 
>>It might also indicate that those in that position are now much weaker as a market force.

If they held out hoping for a rebound their accounts blew up. They'd have to start from scratch. So absolutely.

Another possible factor in this decline: From what I can find out, the Merrill HOLDRS and the QQQ's can be shorted without an uptick, unlike their underlying stocks which must be. IF those derivatives are not subject to the uptick rule then that can explain some of the visciousness of the sector's decline and we're in for a helluva rally at some point. I'm not sure about the rule, though, so take this with a big grain of salt.