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Technology Stocks : America On-Line: will it survive ...? -- Ignore unavailable to you. Want to Upgrade?

To: Jason Cogan who wrote (10115)	5/27/1998 12:39:00 AM
From: FuzzFace	Read Replies (1) \| Respond to of 13594

I would only call it manipulation if the specialist were in on some scheme to influence prices one way or the other. Do you mean something else by it? I think AOL's closing behavior is just an overlearned habit of AOL bulls. They always buy at the close thinking the odds are good it will open up. When AOL enters its own private bear market, the habit will be broken. Since it doesn't take much more than 1% of the day's volume to do it, I see no need to posit manipulation. BTW, is there a way to tell if the buyers are small investors, or the institutions that already own most of the float? Even if the latter, that would only show that they are defending their position. I too find it irritating, since I own puts, but I can certainly understand their doing it. And it's not illegal or even unethical.