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To: Scrapps who wrote (8111)	3/14/2000 2:04:00 PM
From: ayahuasca	Read Replies (1) \| Respond to of 9236

I think the reference (correct me if I am wrong) was to the weakness in the biotechs causing the Nas slide. Obviously this doesnt effect AWRE in any way, except of course for the stock price. Jess' point was that it is irrational. And then some. I think it goes beyond that though. Yes, people make knee jerk reactions to things (see the VRTA announcement), and as a result the market is not a barometer for rationality on a daily basis. The hope is that over the long term reason will win out. But I think there is a good deal of manipulation going on as well. I see no other way to account for the dramatic swings in price on very little volume. This morning was a perfect example. AWRE traded a quarter million shares and was up 3+ points. As soon as the Nas turned it seemed to me the MM's used the opportunity to start dropping Aware- on basically no volume. We lost 5 points in a matter of minutes on about 1/6 of the volume it took to get us up to 51 in the morning. AN even more dramatic example was a stock called BWEB. It was up about $2 to 57 this morning before the market turned. BWEB on reasonable volume followed suit and went back to even at 55. Then when the Nas really crumbled, the MM's took BWEB down 6 points on maybe 3,000 shares (the volume at the time was about 400,000). When the Nas came back a bit BWEB shot all the way back to 53, still down but nothing like the phantom 6 point drop. It would seem to me that people (and only a few of them) were panicked and sold their stock at market. The MM's took advantage of these people by artificially dropping the price to fill their sell and then running it back up. This is the kind of thing that irks me and I wish there were tighter constraints on what the MM's can do. Maybe I am just a conspiracy nut or simply a patzer as ahahha would certainly say. Whatever, something seems amiss.

To: Scrapps who wrote (8111)	3/14/2000 4:54:00 PM
From: Jess Beltz	Read Replies (1) \| Respond to of 9236

Scrapps, my reference was indeed to the story about the biotech industry, and the little announcement by the US and British governments about making the information about the human genome free to all. It raises several points: (1) the comments by the government may have been totally misinterpreted by the market. At no time did either government say that anything done to human genes by any company should be free. The only thing called into question was proprietory issues about the knowledge of what the Human Genome actually is. However, the market chose to take out a whole market sector and kill it. (2) In sympathy, everyone else in NAZ land was taken out and shot too. Let's face it. Among all companies in this market, a sizable amount of the shares are held by traders and momentum players, and other gamblers as well, who will fly from sector to sector, company to company, without regard for the fundamentals really at all. When these people bail on our favorite stock or sector, we get killed. No ifs, ands or buts. Just like when they return, we make big (paper) money. That is the one thing that makes the kind of investing that I do, with margin and options to augment a my long positions dangerous. Furthermore, I own positions in three biotechs, and I don't need to tell you what happened to those! jess.