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Technology Stocks : Seagate Technology
STX 237.49-1.3%Nov 21 4:00 PM EST
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To: William Epstein who wrote (6830)2/21/1999 6:40:00 PM
From: chichi  Read Replies (2) of 7841
 
Hey William:

I haven't checked my inbox in a while. I can agree with you on a few of the openings and closes the last week or so. The specialist used his power to gap the stock a few times. But the specialist wasn't the only factor, and the specialist was not necessarily manipulating stock. The close of 60,000 at 30 down 3/4 from last trade. Tech stocks were weak that day, things looked ugly, and an order to sell 60,000 comes in at the last minute. So the specialist buys it at a lower level, or matched it up with other buyers. Maybe that wasn't exactly how it happened, but there was stock being dumped at the close. Someone sold 60,000 at 30, and there were no buyers above 30. If there were buyers above 30 it wouldn't have traded there. And the next day someone bought stock at 31 1/4 where it opened. Maybe the specialist was on the other side of both trades, but what is happening is the stock is being moved around by the buyers and sellers. The reason for a close 3 minutes later. The specialist was looking for buyers.

I have said before that the specialist controls short term daily fluctuations. but has very little effect on the directional movement on a longer term basis.

chichi
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