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Biotech / Medical : Ligand (LGND) Breakout!
LGND 190.43-0.7%Feb 6 9:30 AM EST
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To: Flagrante Delictu who wrote (11691)11/25/1997 4:38:00 PM
From: Henry Niman  Read Replies (1) of 32384
 
Bernie, The paired trades are easy to call. As can be seen on the intraday (1 minute) chart:
fast.quote.com
they occurred within 1 minute of each other. Hence the two 25s are represented by a single 50K bar and the price is listed as a verticle line between 13 (the full ask price) and 12 7/8 (the bid price). A bit later another single bar is listed as 39K and the price is a verticle line between 12 7/8 (the full ask price) and 12 3/4 (the bid price). I saw the tape. The 50K bar was two trades of 25 K each and the 39K bar was a sell of 25K at 12 3/4 and a 13.9K buy at 12 7/8. When the trades are at the full ask price, it's hard to argue that they are not buys, especially when a block of identical size is traded at the bid price within a few seconds. The price drops were characterized by a series of much smaller trades at the bid price.
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