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To: james a gustino who wrote (3255)8/3/1998 10:34:00 PM
From: Seconds Out  Respond to of 10081
 
You are correct, IMHO. The clever money saw an opportunity and seized it in a big way. Greed pushed many who owned this stock to maximize their position for another quick kill after the rollout. When that didn't happen on thursday the stage was set for friday and today.

Since most longs were fully invested already, with many over invested, and the rollout was not significant enough to attract hoards of new money as was shown on thursday, the longs were powerless to react to the mid-day selloff on friday.

Once the price fell into the 9's around noon, the floodgates were open as all who were watching the price raced to get out first. The clever money watched the psychology of fear and the reality of margin calls play out right through today. How long it will take for the psychology to recover is a guess...but it will happen.

It is easier in hindsight, as you said, and I marvel at just how skillfully the stock got moved down.

I have been in since 1 1/2. Took some profits at 6 this spring. Took some more in the 9's on friday. I view this as an opportunity to lower my average cost basis as I buy back in at prices that I never thought I would see again. I believe in the product and the company. Good luck to all.

Seconds Out.