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Gold/Mining/Energy : International Precious Metals (IPMCF)
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To: kimberley who wrote (22039)10/10/1997 10:50:00 AM
From: Bob Markley   of 35569
 
<< I think there is a danger in telling people institutions arn't selling... if it comes to light one did, everyone will freak because so much emphases is placed on 'they never sell'. >>

Kim,

, ... and I think that there is more of a danger in telling people that institutions were selling when it is very obvious that the 'public' stop loss orders were 'hit' by the MM's. The institutions were most likely the guys that stepped up to the plate and were buying. The 'other' buying demand came from the MM's that went short in advance of the customer orders, ... put their hands in their pockets and watched it fall as the stop loss orders were triggered and became market orders, ...at about 11 am MST they started to cover to go home 'flat' that night.

Everyone seems to hate the MM's, ... and they really are not required to be a buffer in 98% of the trades,... IMO, just look at other markets such as the TSE. Perhaps the greatest 'scam' is that the MM do not have to post the bid/ask of the customer's order, thus a customer cannot directly change the bid/ask spread, only them. The MM's activity on Nasdaq has led to increased levels of volatility and incredible scalping opportunities for us off the floor traders on volatile stocks.

Best,
Bob
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