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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: j g cordes who wrote (17592)	8/13/1998 1:26:00 PM
From: Johnny Canuck	Respond to of 69177

I decided to stay out of AFCI for the time being. The number of outstanding shares is 74 million. The float is 52.4 million and 77 percent is owned by the institutions. We only saw 9 million go through yesterday and about 4 million so far today. AFCI went from a 3.1 billion dollar company based on market capitalization to a 888 million dollar company. I would imagine it does not meet the capitalization criteria for some mutual funds any longer. I am not sure the selling is done yet despite the technically oversold condition. It looks like most people were caught by surprise given that all the August calls are now worthless, except for someone that sold the August 20 puts. It looks like someone knew something. It looks like pretty mixed trading too with some large block sells and what looks like some large block buys. Lehman's upgrade has not really helped given the negative overall market.