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Technology Stocks : Presstek -- Stock of the Decade??
PRST 0.00010000.0%Sep 29 10:16 AM EST
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To: James C. Shircliff who wrote (816)7/18/1996 3:11:00 PM
From: NEIL MACK   of 11098
 
Hi Jim, Quite aware bid/ask being seperate than the difference between two trades. Point I was making, the actual trades did not transact "at the market bid or ask" at an actual 4 point difference on market order. EXP. - Ask 64,- Bid 60. Spread 4. Buy was actually allowed at 63 or 62.5. Sell was above 60. This continued all afternoon.

On the Lombard, you can actually read each trade as it transacts. If a buy was at 63 for example, it is quite obvious that if the next trade is 2 points lower, it was a sell trade. Likewise if the following trade is up 1.5 points it is probally a buy trade. Interesting that even though the quote server shows 3 or 4 point spread, the stock is actually trading between the quoted spread.

This is certainly the time to place limit orders and NOT a trade "at the market". This will change as well as the posted spread as volume increases. Small float here...not too many shares. Seems market makers may be just as unsure of the near term direction, as the investors. They are trading this stock at a premium, represented by the large spread. If Bad news....MM must buy the shares to resell. Good news....MM must sell the shares to buyers. As volatile as PRST has been lately, I am not surprised that the spread has widened....As you will recall, we have recently seen less than one point spread most of the period when the stock was stable.

Regards,

Neil
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