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Technology Stocks : The New QLogic (ANCR)
QLGC 16.070.0%Aug 24 5:00 PM EST
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To: Alan Aronoff who wrote (14733)2/27/1998 1:11:00 PM
From: JB  Read Replies (2) of 29386
 
In response to your question as to the importance of the end of the month, let me try to answer the question. Traders or Market Makers in this stock know the stock and play it accordingly. Normally at the end of the month and the middle of the month, they square up their positions. Most of the traders square up daily. It is their report card to the firm they work for as to how well they are doing. The last three days on low volume show me that they are trying to lower the price so as to cover any naked short position. I have an example for you:

I had a friend on the New York Stock Exchange tell me one time about a trader who was filling in for a specialist who was sick one day. He had the specialist book with all the stops listed for buys and sells. During the day he ran the stock up and took out all the open order sells and then took the stock down and took out all the open order buys. He closed the stock unchanged at the end of the day with a hefty profit.

Sounds familiar as to the recent arrests on the big board. Now if you think the Market Makers have a higher moral standard then the big board, then we should put Nasdaq on top of the mountain.

As for Ancr, Monday should be a good day, both for news and it is the beginning of the month. Everyone is waiting for news to move this stock. I am still looking for the update on Kinnard.
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