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Technology Stocks : USRX
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To: Scrapps who wrote (8380)1/18/1997 1:39:00 AM
From: Marshall   of 18024
 
Scrapps, the end of the day drop is an easy one to explain, I've seen this many times.

If you look at the intraday it shows the classic pattern of the SOES traders clearing out their remaining inventory before the close. You see, while these guys delight in explosive days such as this they rarely, if ever, keep inventory of a stock around overnight - much less for a weekend - because what they end up with at the end of the day they have to pay for at T + 3 just like anyone else.

The normal market makers on the stock at the time are aware of the spot these SOES bandits are in, and since they are calling the shots now they can usually pick up these shares at a much lower price in the last minutes.

It would be interesting to know what those two 50K and one 60K trades were towards the last, but anymore the tapes are not always an accurate indication. We are seeing increasing trades falling between the bid/ask, and some brokers have been telling me that lately their guys at the trading desks have been fairly succesful in buying at the bid and selling at the ask.
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