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Technology Stocks : VALENCE TECHNOLOGY (VLNC)
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To: Rich Wolf who wrote (21469)9/8/2000 3:49:12 PM
From: The Vet  Read Replies (1) of 27311
 
The trading pattern certainly seems to support your interpretation. This is the usual way that the MMs manage the price while accumulating stock for their customer. They quickly back off if it rises too much and they have been painting the tape at the end of each day to try to keep the price under control.

It looks like there is somebody trying to accumulate a significant position without attracting too much attention. In my experience this is usually a sign that the ultimate customer doesn't want to be discovered until they are finished accumulating.
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