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Gold/Mining/Energy : International Precious Metals (IPMCF)
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To: Gerald Walls who wrote (25835)11/13/1997 12:53:00 PM
From: Robert Knight  Read Replies (3) of 35569
 
Gerald, You are correct in stating that any trade you see denoted in '64's is usually between MM's. Alot of times these short houses "swap spit" as they pass positions to and fro. They need to do this as some days one MM might need help in a particular stock. They pass a position over to another MM so they can "clear their books" of a position to stay in complience. This is usually done in larger block trades. One hand washes the other so to say.

This is how these guys work with one another as they gang up on their prey. When you have 6 or so MM's working in tandem it is easy to see why these guys feel they can weather any retail buying. They feel that with these "story" stocks eventually the buying dries up. Do you see how they have put up the wall here at 5 3/4? Try to think as they think when buying and selling stocks that "they" are involved in. Now if volume continues to be light to the close, I would expect them to try to "hit the bids" to see if there is any strength to that bid. If not, they can pretty much walk the stock back down and try to pick up shares they were selling this morning at 5 3/4 - 5 7/8's. If they can get some shares back at 5 1/4, they make .50 cents. On 10K thats a nice day for a 2 bit, scum bag, short player $^). What we need is strong underlying support from some institutional player that is willing to support the bid. Until we get the long awaited news, this is the way I see things playing themselves out.

Robert
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