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Technology Stocks : America On-Line (AOL) -- Ignore unavailable to you. Want to Upgrade?

To: Dennis who wrote (477)	12/31/1998 11:13:00 AM
From: Steve Robinett	Read Replies (2) \| Respond to of 41369

Dennis, You say, we are being manipulated to think that at exactly 1:00 the stock price will start to rise. Two points come to mind. 1) Using options, an index fund can both duplicate S&P performance and at the same time spread purchases over a period of time. They can even temporarily duplicate AOL's impact on the S&P 500 with a synthetic position (write puts, buy calls). Plus, some of the buying has already been done. Due to this, we may see volume today at the high end of the normal range. 2) A lot of people have made a lot of money on AOL recently, 50% in just the last three weeks or so. Why sell in 1998 when you can wait until next week and be taxed on your gain in 1999? We may see some of that kind of selling next week. Best, --Steve