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To: chichi who wrote (6904)	2/21/1999 11:29:00 PM
From: William Epstein	Respond to of 7841

CHICHI; I agree. However, I might also point out that exactly the same thing happened 10 days before. What are the chances of that kind of thing happening twice in less than 2 weeks? Involving a 1 pt. price drop during the last minute of trading. I might also, make the point that the specialist could have closed up shop and not taken the order. That is his privilege. Yet he tolerates the dumping of a big block when the other side of his book shows no buyers? Is that smart business thinking? Very curious. I am not trying to see something sinister here because I don't know all the facts. Your scenario could be right. I have wondered about those 2 moves for 2 weeks now.As far as daily fluctuations goes I agree completely but by doing it every day in one direction the stock can be moved quite a distance. The goal being to create a rally or conduct a sell off in order to cover accumulated shorts at a higher level is there are any. Nevertheless, I have said the same thing myself in several posts. PHOTOMAN

To: chichi who wrote (6904)	2/22/1999 5:48:00 PM
From: William Epstein	Read Replies (1) \| Respond to of 7841

chichi; I received an E mail from the analyst at Zacks. He says, there is no arbitrage that they know of. He does not answer me, directly about why the stock is down but says they give it a #1 rating. Strong Buy. They are generally conservative so I take it as a plus. He has no answer for why there is so large a short side overhang. I'm left to my own devices, as are we all. Since I cannot prove my case with empirical evidence since none exists that is publicly available, I'm left to build a case by a preponderance of circumstanial evidence. However circumstanial the evidence about SEG, it was collected, by me, through years of close observation. Most of it can be explained away, item by item but when you look at it in its totality some conclusions can be drawn. That is why I feel bold enough to make my calls and so far, this year, I've been right every time about both the short term and I will be right about the long term, also. Can anyone else, on either thread, make that claim? If you disagree with my conclusions and what I base my decisions upon all I ask is that you give me the time to prove it. If I am wrong I will say that I am wrong but if I am right you should reconsider your own thinking. You know, maybe that guy, Photoman is on to something, after all? Think about your own ideas regarding the stock market. Were they truely the result of collecting your own evidence or are most the result of accepting someone else's unsubstantiated proposition? This is not meant as an insult, believe me. I must commend you for your questions and the alternative answers, raised. They have made me through my own thinking and recheck some of it. PHOTOMAN