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Technology Stocks : INTERNET MANIA! Day Trading Net Stocks
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To: chalu2 who wrote (164)11/29/1998 12:18:00 AM
From: Tai Jin  Read Replies (2) of 1054
 
You should never put in a market order before the open. When everyone does this it just contributes to a larger gap at the open. And the MMs aren't dumb, they will short you the shares at a high price and try to push the price down to cover (especially in a small float situation). On the other hand, if the MMs cannot force the price down then they will let the stock run much higher before shorting more. If you look at many of the charts, you'll see that many times after the first huge runup, the stock opens at the high and closes near the low of the day. In these situations, I suspect it is because the MMs may have been caught short during the runup and were trying to make a profit while covering their position. After covering, they could go long and the runup might continue the following day.

...tai
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