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Technology Stocks : VALENCE TECHNOLOGY (VLNC)
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To: Larry Brubaker who wrote (14497)9/10/1999 11:08:00 PM
From: Rich Wolf  Read Replies (2) of 27311
 
Larry, Paul's dismissal of your hypothesis was not 'out of hand.' As I've posted previously, many of us have been tracking level II quotes for the last few months, and we have a pretty good idea which MMs are shorting and which are long. The short MMs covered nil in the 4s, sold more in the high 4s and 5s, and covered very little as the stock retraced to where it is today... unless they did it through open market purchases from other short MMs who tried to contain the ask at times. <VBG>

Paul's got it right, from what I've seen of the tape.
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