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Non-Tech : pamc
PAMC 45.73-0.7%Oct 30 4:00 PM EDT
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To: Don Hand who wrote (560)1/15/2000 8:52:00 AM
From: KM  Read Replies (1) of 570
 
There's a pattern which has played itself out over the past two or three months since the options OI has been much higher than usual. The price starts to slowly drop starting the week before option expiration week. You see virtually no buyers except the mm's as you've noticed and block selling. It's a steady drop with no bounce generally, or just small intraday bounces.

This culminates on option expiration day with a strike pin around 25. Then, the following Monday, comes the big hose where the options get unwound and maybe even a little margin selling. That has been the bottom of the previous swings and a helluva good time to buy. I'm waiting for a repeat of this cycle to add. The market makers have been living on this up and down pattern for so long it just seems silly to try and fight it.

They make it damn hard to buy though on the washout. They offer nothing but 100 share blocks to drive the price down and even if I am the inside bid on ARCA with 1000 shares or more, they trade around me and often sell under me to each other. You can't take their offers because they're 100 shares or priced such that you know you'll immediately be down if you buy them.

Tough stock to trade but if you can get in there, pays well <G>
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