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Technology Stocks : Cymer (CYMI)
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To: Gemini who wrote (18345)7/5/1998 8:09:00 AM
From: orkrious  Read Replies (2) of 25960
 
Allan, I spend a good part of my day watching a Level II Nasdaq screen. Level II screens show the price at which individual market makers are willing to buy or sell stock. It is not fool proof, because they can buy or sell on Instinet or with another market maker and you can't tell. Still, when Morgan Stanley spends a good deal of time alone at the top bid (i.e., they are willing to pay 15 9/16 and no one else is) and they spend virtually no time at the top ask, and this goes on for several days, it is a good bet they are accumulating.

You still have to be wary. Right before they upgraded from hold to outperform 2-3 months ago, they spent an equal amount of time at the top bid and ask. It was during this time that Lehman Bros had been buying all of the time. At that time, I wondered if Morgan Stanley had a deal worked out with Lehman. Jay
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