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Technology Stocks : Systemsoft Inc. (SYSF)
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To: Scarecrow who wrote (3414)11/1/1998 6:07:00 PM
From: Eric Jorgenson  Read Replies (1) of 3529
 
I agree. The three last trading days in fact were unusual--the bid/ask ratio (that is, numbers of shares) was high, often about 10 : 1. I had a hunch that this was bullish, since the last time this happened, the stock popped up to $2. Thursday's trading, however, was even more unusual. Nearly all of the trades (it seemed about 95%) were buys at an ask of $3/8. Since the asking price didn't budge meaningfully, I concluded that one or more market makers were reducing their inventories of the stock and using short term speculation (brought about by the unusually high bid/ask ratio) to unload as many shares as possible. Since a move to the NASDAQ bulletin board seems a real possibility to me, it doesn't seem surprising that market makers would want to reduce inventory. So in fact, last week's trading may have only appeared to be bullish. All of this is pure speculation--anyone else have any thoughts?
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