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Biotech / Medical : Imclone systems (IMCL)
IMCL 0.1590.0%Oct 5 5:00 PM EST

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To: Raven McCloud who wrote (431)3/16/1999 2:22:00 PM
From: 5,17,37,5,101,...  Read Replies (2) of 2515
 
Oh, one more thing, I wanted to tell you my theory of apparent vs true spread. Ever since the SEC cracked down on MMs for criminal spreads, the spreads have in fact narrowed significantly. The MMs response at the time was that volatility would increase as a result of this because of their inability to make a market. Sure enough, volatility has increased dramatically. The present narrow spread is only apparent while the true spread is roughly the same as the old spread when figuring that the spread moves so quickly up for buyers and down so quickly for sellers.
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