Emulex, What Prospects? Message Board

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Technology Stocks : Emulex, What Prospects?

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To: freeus who wrote (615)	8/26/2000 7:37:56 PM
From: Mike E.	Read Replies (2) of 788

EMLX didn't open where it closed because thousands of people stupidly placed market orders to buy EMLX while it was halted thinking that when it reopened they would get it in the $40's. In fact, what happened was the order imbalance from hell. Thousands of market orders to buy and no orders to sell (all the selling had been done on the way down and who wanted to sell in the $40's after it reopened and the news was already out that a hoax had been pulled on EMLX?). The only way the MM's could find sellers to match with the buy orders was to move the price up to where sellers stepped in. The lesson learned here is NEVER put in a market order when the market is closed to be executed when the market opens. 9 times out of 10 they will be screwed by their own ignorance of how the NASDAQ works. JMHO, Mike

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