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Upstater, I would rather that you be right and that I am wrong. When I used the term MM, I used it rather loosely. I am aware that Market Makers work in the Nasdaq market, and CPQ is traded on the NYSE. IMHO , however, de facto MMs exist in the NYSE, the specialist notwithstanding. What's to prevent the big money from "batting the ball back and forth" generating huge trade volumes, but working in collusion to keep the stock restricted to a certain top (and bottom) level? What a nifty way to sell the suckers call and put options on which the big money cleans up at expiration time, since the strike price is never to the option buyers' advantage!! In the meantime they can hold the stock to any level they please until they turn it loose when it benefits them to do so. Although the SEC chairman Mr. Leavitt appears to be sincere when he states that the individual investor should have a level playing field, I am not convinced that it exists. CPQ will move upward when the big money decides it should, and not when we think it should. Sadly, I think it will catch many of us asleep or having given up on the stock. |
