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Technology Stocks : 3Com Corporation (COMS) -- Ignore unavailable to you. Want to Upgrade?

To: joe who wrote (15121)	4/3/1998 12:28:00 AM
From: Bob Kimball	Read Replies (1) \| Respond to of 45548

Joe, you can see the lineup of orders on buy and sell side on Level II. With AOL, it was just a guess since it's NYSE but it took a long time to open this morning. When a stock is slow to open, it usually means the MMs have some sorting out to do... usually too many folks are on the "correct" side of the opening move. I like your model, and some day maybe prudence will return to the market and more than a few "naysayers" and "contrarians" will follow something like that. My big question is, where IS all this liquidity coming from? Is it margin? More VISA cards? 2nd Mortgages? It can't all be 401(K) money can it? I have this nagging suspicion that a lot of the liquidity is really debt, not savings. Just like the yen-carry trade, we may have a domestic debt-carry trade. Hey, you can make 30%/year in the market 'guaranteed' so why ever pay down those credit accounts when the money could be earning so much more???