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To: Dwight E. Karlsen who wrote (8763)	7/4/1998 6:14:00 AM
From: Peter Church	Respond to of 164684

>>most of the volume appears to be mostly retail through the wholesale traders.>>> from Robertsen Stephens WEB report This confirms what I've suspected for the past 2 weeks: day trading, not short covering, is running this show. The volume is being churned on a daily basis. The spikes in volume and price in the early morning and late afternoon indicate the buying phase. The lull in the interday indicates a selling phase. I've been keeping track of the volume for a couple of weeks. It still appears that there is a daily accumulation of stock and that the traders have accumulated about 5 million shares in the last two weeks. They bought more than they were able to sell in order to maintain and defend the trend. They probably need to unwind their position soon, but slowly so that they don't get caught in a downdraft holding the shares. Plus, they need to support the price during faints. I am encouraged by the price/volume surges on Wednesday and Thursday. The diurnal pattern is still intact. I expect a strong opening on Monday. But, the question remains, when and how are these guys going to unwind? I expect more surprises such as Thursday morning's drop near term.