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Technology Stocks : Stock Swap
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To: Steven Messina,L.M.T. who wrote (9738)11/21/1997 12:24:00 PM
From: Andrew Vance  Read Replies (3) of 17305
 
*AV*--I had to be there at the pre-open and open. Tell me it was more than a coincidence that all these gazzillion dollar orders were announced with the Quarterly earnings. Tell me this whole thing was not a set up for taking advantage of the weaker pocketbooks among the herd mentality. The herd was handled well and the setup worked to the tune of the 20M shares (so far 2X the daily volume on this puppy). The big players unloaded on the unsuspecting, downward pressure was exerted, stop limits probably kicked in for the small guy, and belly up to the bar again for a "quickie" by the big institutions. Let's just say that close to $40 million changed hands for this quickie. Let's not forget that the MMs, brokerages or investment houses made at least 1/8 on each trade for a quick couple of millions on the transactions. Whatta life. I am glad I figured this one out and played it almost as well as them. Missed 3/8 on the top sell and got in 1/2 too high on the bottom. That's close to $1 discrepancy. At least I played it for the profits enjoyed.

Almost a no brainer when earnings are reported just before options expiry since the major players in options needed the spike up to cash out or buy the volumes of options that were in the Open Interest for November. This is where all the major bucks were made. I am sure that with the high volume of options traded they was also some options executed on. This also contributed to the volume of the stock trading today. Between PUTs/CALLs and covering your bets by the large institutions, today was a big payday.

Andrew
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