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Technology Stocks : Harmonic Lightwaves (HLIT)
HLIT 10.23+1.4%3:59 PM EST
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To: Gene Hooker who wrote (2876)8/8/1999 9:20:00 PM
From: KM  Read Replies (2) of 4134
 
Some observations which might amuse you guys.

I watched this stock trade on level 2 for several days last week, including the big reversal days. I had put it on as a short based on a potential top setting up on the weekly chart.

I would estimate that less than 30% of the trades in this stock went off at the bid or even between the bid and ask prices. The tier sizes are very small (100 shares usually) and the spread can be huge, yet I saw the ask continually taken. It was almost as if there was no stock available and the hungry fish (buyers) were snapping up whatever chum was thrown their way. I saw the firms which cover this stock (such as CIBC) aggressively buying and not selling at all.

On Friday, I covered the last of my short position at 80 about ten minutes before the close, as daytraders exiting finally hit me on the bid. Not two minutes later, someone slammed a bid almost 1.5 higher in there and the ask went up accordingly. If I had bought those shares at 80 instead of covering with them, I could have sold them for 1.5 gain in minutes. That's amazing considering that this isn't an internet stock.

Anyway, I bought some calls on Friday a.m. to hedge my short position and still have them since I got out. I'm going to hold them because the way the trading went that I saw on this stock, I'd guess that a lot of people are betting on further upside, regardless of the tenuous state of the overall market and the fact that this stock has a parabolic near vertical chart pattern.

Amazing stock, for sure. This is one I will buy on the dip.
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