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Gold/Mining/Energy : Naxos Resources (NAXOF)

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To: jas singh MD who wrote (8225)	1/16/1998 9:41:00 PM
From: Jan A. Van Hummel	of 20681

When the spread widens it reflects the MMs uneasiness. He is not sure which way the market is heading and wants to make sure that if he is picked off he has the cushion of a dollar spread. You should see what the spread would be if the stock were to run up quickly 3 - 5 bucks on very little volume. The spread just allows him to soften the blow (or keep him relatively dry) when he finds himself peeing into the wind. JMHO Jan

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