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Biotech / Medical : GUMM - Eliminate the Common Cold -- Ignore unavailable to you. Want to Upgrade?

To: Eric Fader who wrote (1029)	10/5/1999 1:15:00 AM
From: DanZ	Respond to of 5582

Eric, Somebody on Island had been trying to sell 5,000 shares on the offer all day. They kept placing and canceling their order. Late in the day with the stock at 13 1/4 x 13 1/2, they placed an order to sell 5,000 at 13 1/2. I guess they finally got impatient and decided to unload it at the bid. The 5k disappeared on the offer and 6,100 shares hit the bid down to 12 3/4. My guess is that this person changed their limit order to a market order. It is a mistake to place market orders in GUMM of that size because there's not usually enough size and the market makers won't take in that much stock for their own trading account. Instead, they take advantage of the situation and buy or sell the minimum 100 shares (or pull their bid altogether) until the stock gets to a price where there's enough size to fill the order. Then they run it right back up like they did today. I don't think the end of day decline is serious because it happened on only 6100 shares and the stock popped right back up. The 20 day moving average (middle daily bollinger band) is at 12 3/4, and I think this will support the stock. Dan