CAOL: The Chinese AOL and Internet Lottery Message Board

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Non-Tech : CAOL: The Chinese AOL and Internet Lottery

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To: $Mogul who wrote (426)	6/4/1999 6:00:00 PM
From: gizmo&jack	of 720

To all those followin the MM's closely on this stock. I don't know about you, but I personally have never seen a stock have so many trades between the bid and ask on a daily basis. My thought is that the MM's are holding the bid at absurdly low levels below the ask (up to 20%) to get the panic sellers. But this still hasn't been that much. Other than that, I think the trades in between are mainly crosses and there have been a ton which artificially simulate selling and keep the price down. There just aren't enough people on a daily basis (1) who place limit orders between the bid and ask and (2) get filled when they do to explain away the massive amount of trades taking place between the bid and ask. So I think the crosses are intended to keep the price down so that the MM's can panic people and pick up more cheap shares. I am long this stock so there are some who may think that I am biased, but I would love anyone to offer me a better explanation of the massive amount of sells in between the bid and ask and if they have seen this before elsewhere. Thanks. G&J

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