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Technology Stocks : Lattice Semiconductor
LSCC 63.48+0.5%2:13 PM EST
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To: Rudi Strobl who wrote (103)9/26/1996 12:53:00 PM
From: E_K_S   of 339
 
Hi Rudi: From my experience with the trading in this stock, there are times that the market maker 'seems' to have a lot of excess inventory on the shelf. To clear the channel he immidiately brings the stock down in 1 point increments to fill this sell order. Large volume usually then passes through and the price stabalizes. Occasionally, he will reverse this trend to the buy side the same day or the next day.

It is not clear if he is trading his own account or with institutional clients but will pass as much as 100,000 shares (or more) during his buy/sell cycle. The option activity during these swings seems to be not affected. However, I did notice that the out of the money options (thinly traded) are reduced in price (lower preminum) BEFORE a market maker sell program is initiated. This was the case yesterday BEFORE the 2 pt interday drop. I only noticed one time during option expiration period, a link between these excess inventory swings and the corollation with in the money options and open interest changes. This is expected and allows the market maker to remove or hedge his position accordingly.

In summary, if you trade this stock, stay away from the large volume price swings and let the stock consolodate for one to two trading days when buying or selling your position.

EKS

P.S. Just received the folowing NEWS FLASH - Subject:
ALERT (ALTR) -- CLOSING BELL
Date:
Thu, 26 Sep 1996 10:39:17 MDT

Smith Barney upgraded ALTERA CORP to buy from outperform. At 12:20pm ET, shares rose 2-3/8 to 56-1/4. This should be bullish for this company as well.
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