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Microcap & Penny Stocks : HGRM--Any Followers?
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To: Ted M who wrote (1919)2/18/1999 11:12:00 AM
From: Eric Fader  Read Replies (1) of 3576
 
Ted - My guess is that there may have been another order ahead of yours, and/or your broker or his trader was unable to reach the MM who was offering at 3-7/8. My understanding is that all OTC-BB orders must be called in on the phone to the MM, unless your account is with a brokerage that is willing to buy and sell small amounts of stock to and from "inventory" and settle up later (maybe days, weeks or months later).

In this case, my assumption is that there was a large sell order (maybe even a fake one from a short-seller or MM who is still short from 8, like "sell 40,000 shares at 4-1/8 or better, all or none") before the open that chased away the MMs. The MMs generally want to trade the stock in small amounts, but don't want to get stuck buying the first piece of the order at 4.25 when the seller is going to have to keep selling pieces all the way down into the mid-3's. -Eric
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