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Technology Stocks : RATIONAL SOFTWARE- BUY OR HOLD
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To: CJ Mark who wrote (2378)4/23/1998 8:37:00 PM
From: Len White  Read Replies (2) of 3115
 
Anyone who has any opinions as to what this means -- if anything -- please feel free to comment.

From 12:30 to 2:00 today the best quote remained bid 15 5/8 ask 15 11/16. HMQT was the only MM on the bid except once in a while one or two others would appear then disappear. On the ask side there was never less than 7 MMs. The vast majority of orders went through at 15 5/8. Normally with this picture I would expect the price to drop within moments, but instead it remained for 1 1/2 hours, HMQT apparently loan buyer of a ton of stock at 15 5/8 while other MMs and the general public were selling.

The price finally dropped when HMQT lowered their bid at 2:00, but then as everybody knows the stock made a final run up. HMQT incidentally kept their ask above the market through the close of the day, so it looked as if they were a heavy net buyer.

Any thoughts?
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