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To: William Epstein who wrote (6095)10/27/1998 5:21:00 PM
From: William Epstein  Respond to of 7841
 
Roger;

Today was what I see as a classic shorting day. The stock starts out at 24 and the price rises rapidly to 24 3/4 by 10:30. At 12:15, lunch hour, when no one is looking including the news services, the big block trade of 135,000 shares takes place between 24 1/4 and 24 1/2 on positive volume upticks. 15 minutes later the volume turns negative and the stock declines and finishes out the day virtually, where it started. This is a classic shorting pattern. There was another block trade at 2:15 PM of about 105,000 shares on negative volume but I can't tell if it was one trade or accumulated trades lumped together at the end of lunch hour. For the uninitiated, lunch hr. in NYC is 12-2 PM.
PHOTOMAN/William Epstein