How high will Microsoft fly? Message Board

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Technology Stocks : How high will Microsoft fly?

MSFT 472.22

-1.3%

Nov 21 9:30 AM EST

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To: Gerald Walls who wrote (23042)	5/20/1999 8:54:00 PM
From: Sir Francis Drake	Read Replies (2) of 74651

<<a company's stock will just be halted>> - yes and no. There will be an increase in the number of stocks halted, but they can't halt for every piece of news for every stock, or you'll have chaos in the market. With the increased halts, things will turn into more of a gamble, that's all. Volatility on news will still be there. As to small cap or illiquid stocks - MMs manipulate the hell out of them as it is. In fact illiquid stocks will be even more of a hazard - with 24 hour trading, more and more is going to move to ECNs, and since illiquid stocks are rarely represented on ECNs, they will be even more at the mercy of MMs as other stocks move to electronic trading. I'm sure MMs won't give up territory to the ECNs without a fight - and in any case, they can still affect trading through ECNs - they can fragment orders, break momentum by dumping, flash and fake out etc. - and big institutions will still be like elephants in a swimming pool - how would you with your 1K order like to be caught between 2 100K block orders? The 24 hours will just make it wilder, no rest for the weary. Morgan

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