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Technology Stocks : Cymer (CYMI)
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To: John Bloxom who wrote (12917)1/21/1998 4:25:00 PM
From: orkrious  Read Replies (1) of 25960
 
I had the opportunity to watch a level II most of today. For the last several days and all today, Morgan Stanley was selling all they could at the ask. I got excited around 3:45 when they jumped to the bid at 15 1/8 after being at the ask at the samne price for a while. However, two minutes later they jumped back to the ask at 15 1/4 and held the stock there the rest of the day. There is no question in my mind that they are holding the stock down. IMHO, there are 3 possibilities:
1) They are still unloading for someone who wants to get out.
2) They are shorting the stock, which to me doesn't seem likely unless they know something no one else does, including the other market makers.
3) They are making money on the spread, buying on other ECN's where we can't see them and selling at the ask.
Nothing really makes very good sense.
Jay
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