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To: On the QT who wrote (84530)	12/10/1998 6:25:00 PM
From: AmericanVoter	Read Replies (1) \| Respond to of 176387

On the QT, sorry for the delay in responding... and I am going to have to respond in a later message as I am late for a dinner engagement... one thing, you are forgetting that the MM has created a downturn momentum... one that will be carried by the public and will bring the price further down... say another 10 to 20 points... afterall, the public is fearing loss, and if only 10% of the public panicked, and tried to sell just to get out... it will go down fast... very fast... then the MMs can buy at a much depressed price... I will follow up on this... best regards amein

To: On the QT who wrote (84530)	12/13/1998 8:13:00 PM
From: AmericanVoter	Read Replies (2) \| Respond to of 176387

QT, the MM will gain nothing if buying back starts at 60... however, if we assume that the downturn momentum brings down the price to 55 ... and the MMs starts buying back at that price, and that the price will start moving up by the same force as it went down no less / no more... then the average repurchase price of the 30 milion shares the MM sold will be 57.50... 10 points less than what was sold... and not only was the 30 M sold at an average of 67.50 replenished, but more could be bought as well if that is a goal of the MM... and by holding even more shares, and offering less for sale, the price will be adjusted higher by the rule of demand and supply... and here the MMs can sell small amounts gradually making nice profits nevertheless and keeping a certain balance of the stock in stock for the next round... and as I mentioned before, it's only a hypothesis... no one knows for sure... btw, hope you enjoyed your cruise... best regards amein...