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Technology Stocks : Open Text

OTEX 26.94

+2.0%

3:58 PM EDT

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To: Urlman who wrote (53)	12/5/1996 4:19:00 PM
From: Tyler Lawton	of 1195

I think it is pretty near the bottom right now. I would guess there is still some tax loss selling. One thing I noticed is don't buy when the spread is 1/8. About 80% of the time, when the spread narrows from the normal 1/4 to 3/8, there is a big sell waiting to go through. After the sell goes through the bid drops 1/8 to 1/4. Personnally I think the NASDAQ is fixed, so I look for patterns like these to get any advantage. By the way, I don't think OpenText is trying to become the next Excite. They are focusing their strategy towards the Documentums, Lotus Notes, and to some extent Netscape as they all compete for the Intranet dollar which is a much larger market. This is not to say searching doesn't have a place in their strategy.

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