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Microcap & Penny Stocks : DCI Telecommunications - DCTC Today

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To: Dean Dumont who wrote (9716)	10/24/1998 12:45:00 PM
From: Colin Cody	Read Replies (1) of 19331

Yes MM's had an ability to cover what ever it is they had to short up int he 1.70's and good for them. It stings when they have to do that everytime. I wouldn't say "stings". Providing LIQUIDITY to the MARKETS is the OBLIGATION of any firm that makes a market in an OTC or NASDAQ stock. When there are buyers a MM must first sell from inventory, then perhaps he can call on known sources of shares, and then if buying demand still comes in, the MM has no place to GET THEM, so he must sell short. He must then hope to cover with shares from some sellers of the stock. With new NASD spread tightening rules, it is harder and harder for a MM to take the risk to find shares within "the spread". It is a rough job, and we are losing OTC and NASDAQ liquidity as MMs stop supporting the thinner issues. Colin

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