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Biotech / Medical : Biotech Lock-Up Expiration Hell Portfolio

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To: tuck who wrote (221)	6/30/2001 4:41:08 PM
From: smh	of 1005

<Well, well. BLUE HP manager quit after that last post, thinking those wacky numbers were just the systems catching up. Hadn't heard about the extension.> Tuck, I saw your post yesterday and almost responded with a smarta-- "it ain't over" comment. It never dawned on me that you were unaware - sorry! I was watching the market all day and had CNBC on. I think it was about 2:45 or 3:00 when Costello announced the NAZ was down and had been from about 2:30. About 3:30, I think, he announced that NAZ trading would be extended to 5:00 and they were going to try to come back up at 3:45. As reported it apparently took two or three attempts to get the system going, but they were up shortly before 4:00. I could definitely see activity. As 4:00 passed I was pleasantly surprised to see my streaming/level 2 still going. Further, I had a normal market order fill at 4:10 and I then placed an order which was accepted as a valid order, so I thought I was a player. A few stocks started inching up, but nothing extraordinary happened until about 4:50 when prices on some issues started jumping. I started punching in sell orders as fast as I could at that point - all to no avail as they all went into a "held" status. At some point Costello came on with the NAZ CEO who confirmed that about half of the trading channels to the NAZ went down after 4:00. The most unusual thing I saw was with CVAS. It had spiked to 13 at about 3:00 and fell back. Then as 5:00 approach it jumped to something >14 and then to 17.99, but closed at 11.78. Some sites show the daily range from 11.12 to 19.99. I didn't see the 19.99 trade, did see the one at 17.99. Can't find any charts that show what happened between 4 and 5:00. There was definitely some strange stuff going on. I can't believe some of these closing prices are "real". In suspect you are on to something with respect to playing the open on monday morning. SMH

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