WDC/Sandisk Corporation Message Board

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Technology Stocks : WDC/Sandisk Corporation

WDC 139.09

-0.8%

Nov 21 9:30 AM EST

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To: Bill Zeman who wrote (7684)	10/15/1999 7:47:00 AM
From: orkrious	Read Replies (1) of 60323

Bill, I also agree on the MM manipulation theories. It's possible on one dollar stocks that are VERY thinly traded with ONE or TWO market makers. However, SNDK isn't close to this category. People blame the day traders for the volatility. I don't disagree that for some internet stocks, day traders do cause a wider range of daily prices. Regardless, the day traders add liquidity. Best of all, they help narrow the spread. I have had a core position in SNDK since January that I will hold for at least a few years. As I general rule I don't like to trade SNDK since it is too thinly traded for my style of daytrading. Still, I couldn't believe how low it had gotten on Tuesday and near the close stuck out a bid at 54 1/16 on Island. Someone hit me; I bought at the low of the day. I figured I'd make money within a couple of days. I couldn't believe Wednesday, as my bids of 51 1/16 and 48 1/16 were hit. I was even more shocked as my bid of 41 early yesterday was hit harder than Andrew hit Florida several years ago. I was certainly ecstatic as we recovered. In fact, I closed out yesterday's purchase for a 10 point gain at 51. It was great volatility for a guy like me who understands the fundamentals and can hold on if he needs to. But blame the MM's? I don't think so. Yesterday's session was caused my massive selling by institutions. The volume in the first hours was absolutely incredible. It was stupid institutions selling to smart institutions and is the perfect example of why the efficient market theory is bullsht. My conclusion after all of this. 1) There is money to be made in panics of people who don't know what they are doing. 2) The idiot professionals who were selling yesterday should be fired.* FWIW Jay

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