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Technology Stocks : Cymer (CYMI)
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To: D.J.Smyth who wrote (8697)11/8/1997 2:50:00 PM
From: Orhan Birol  Read Replies (1) of 25960
 
Darrell,
I see 18.6K trade @ 21 3/4 15.15.12 on dowtick from 21 7/8.
The fact that a block trades on an uptick or downtick is irrelevant to whether the stock is going up or not. Most of these trades are pre-arranged by institutions and all the MM does is cross. Believe me no MM is going to take a block that size, if he does not have a home for it @ 1/8 discount.
If you want to see which way the stock is going immediately, just watch the 1000 share lots, going one after the other as each dealer is good for 1000 shares and if there are 10 dealers offering at a price,you will reach the 11th dealer offering 1/16 higher. Many times the dealers will jack up the offer when they see consequent buy orders for
1000 shares, fearing they will be the next one to be hit by the bandits.
Also many times when you look at a intraday chart you will see the bottom reached with the highest volume. This is because the market
gets wind of a large block overhanging the market and will cross the
block at or near the low point of the day-then the stock rallies.
This brings me to my last point; I remmember reading few hundred posts back that Soros was a holder of Cymer-I don't know whether it is true
or not or how many shares were involved, but it is possible that Soros may have had to sell a very large block because of the losses he suffered elsewhere which may explain some of the weakness in the stock.
Orhan
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