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Biotech / Medical : IMNR - Immune Response
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To: Robert Knight who wrote (777)7/3/1998 1:09:00 PM
From: AHM   of 1510
 
A fair question.

I trade the market and attempt to the best of my ability to be on the right side of any swings. On the 27th I already had a more than acceptable profit and was ready to climb off and cover if the market changed.

I was not completely certain (starting on the 27th) when I should cover in view of the information I posted which contradicted Mat Geller - and if the market had started to turn I would have covered and taken a long position. But as we all know, the market did not turn and I remained short. My postings were certainly not in my own self serving interest in view of the short position I was holding.

I feel that this board is intended to impart information - and even though the information was contrary to my initial investment decision, since I had it (and nobody else had posted the same information), it would be appropriate to share it with others who were interested in this company.

Since you have been reading my postings I know that you realize that it is my opinion that the market reacts according to investor sentiment. Investors have far greater influence than traders on the desks of the market makers who have budgetary restrictions (most especially with a relatively low volume stock such as IMNR). On penalty of being fired, they cannot overreach on an inventory (long or short) and be caught with an adverse swing. They make plenty of money for their firms by filling orders submitted by their sales force on behalf of their clients. A market maker's trading desk's primary responsibility is to move as much volume as possible for a modest spread. If they engage in arbitrary pricing decisions for one reason or another, then a competing market maker that responds to investor sentiment will get the business instead.
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