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Strategies & Market Trends : From the Trading Desk

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To: steve goldman who wrote (1821)	12/2/1997 1:48:00 AM
From: Whipsaw	Read Replies (1) of 4969

Steve, can you comment on this practice? <<[A wholesale market maker] is playing games with this stock trying to spike it down. They are putting out huge sell orders just above the ask, then when it gets close to filling they pull it off the table quickly. >> This was posted on another board, regarding a stock (VVUS) that had a milestone news announcement today. The day's price action was rather unremarkable, considering the importance of the news and strength of the overall market. The stock has a considerable short interest. Could the MM have been holding it down to give a big customer a chance to cover, or perhaps accumulate? What are the best plays for an individual in these circumstances? Thank you for so freely sharing your expertise on this board.

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