Hi Paul,
I'm not sure what level II is. I use a real time service that I have set up to give bid, ask, bid size, ask size, last sale, trade size, high, low, change, open, close, 52 week high, 52 week low, volume and PE. It also has a ticker window across the top that I can follow the last seven trades of whatever stock I enter (NOVL).
What I was referring to in the previous post is in the first half hour of trading this morning the action was on the ask side. They were all good sized trades 1000-15000 shares one right after another. Then without any selling pressure the price dropped an eighth and the usual panic sell off ensued.
Under normal conditions the market maker will raise the price to encourage sellers to take a profit and produce more shares to sell. At some point there will be more sellers than buyers and the price will start to fall again until it reaches a balance between buyers and sellers.
NOVL doesn't seem to work that way. It's almost like the more people want to invest in the company, the more likly the price is to drop. Novell has it's faults, but a company that is debt free, has several billion dollars in assets, does over a billion dollars a year in business, with some of the best technology in the industry, and is the fifth largest software company in the world should be trading for more than $9 a share. Every time the price wants to go up, the market makers manipulate it back down.
At this point I'm so annoyed that I'm going to just sit on my stock and the NOVL market makers aren't going to get a dime off me. They can jerk investors around until the volume gets down to 10 shares a day for all I care. I'll do my day trades on other companies and the NOVL market makers can enjoy being on the recieving end of carnal knowledge with farm animals.
Regards,
Don |
