Dave:
I have never been so frustrated and more furious in my 24 years of trading experience than today. It was so obvious that the MM was without any doubt in my mind, manipulating the stock all day long, especially when 2x100,000 share blocks went on the buy side right at the close with the price dropping substantially. All day long, most of the large-size blocks (10,000 and over) went on the BUY side and the MM was so reluctant to raise his Bid/Ask price. Meanwhile, the MM just tanked his Bid/Ask price for the smallest sell order.
Having said that, take a look at I believe the last Friday of August '97, when we had a sharp manipulated drop of about 3 pts. from the $23 level to around $19 on a very heavy volume (approx. 1.6 million shares). From that point, SEPR staged a strong rally towards the $38 level. Later on, this sharp rise was attributed to George Soros accumulating the stock. Now if history was to repeat itself, we are IMHO setting the stage for another major upleg which should take us to upper $60's during this month.
Also, note that there has been absolutely no negative fundamental change in any of SEPR's dealings or their products. If any, things are looking a lot rosier as we come closer to the final FDA approval on Levalbuterol and possibly an announcement on a joint-marketing deal with Eli Lilly for Prozac. If you had liked this stock at the mid $50's, you must absolutely worship it at $45 (at least that is way I feel).
Now, what I have to do is take an ice-water swim because I am still fuming from the MM's deceiptful manipulation of today, and if this were to happen again, I will personally report it to the SEC.
Good Luck to all the longs on SEPR. To the Bears: You better grow your fur very thick, because you will have your pay-day very soon.
Mazen |
