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Technology Stocks : Apple Inc. -- Ignore unavailable to you. Want to Upgrade?

To: bobby beara who wrote (7516)	1/10/1998 10:11:00 AM
From: Phillip C. Lee	Read Replies (1) \| Respond to of 213173

It was a glorious day for Apple's stock, which also indicated that shorts squeeze had occurred during the last 2-3 hours of trading. It was stayed at 18-18.0625 for at least a couple of hours during the noon time while other tech stocks were taking a bloody bath. I call it a miracle phenomenon for Apple. After that resistence holding, it started to quickly move up to 19.375, which I believe is a normal pattern of shorts squeeze. And then the profit takers kicked in to cash in theirs so the price went back down to its original point, at 18.1875. Why shorts holders took this moment to cover is an interesting issue. I think they are unease holding it and the timing is appropriate for them to cover back the positions during this overall market pessimistic moment. The volume at near 8M was exceedingly satisfactory, which expedites the cleanup work and reduces the waiting time for Apple's next big hop in the near future. Phil