To: ciVic who wrote (93074 ) 4/5/2000 1:44:00 AM From: KevinMark Read Replies (1) | Respond to
Talk about an unfair advantage, man that really hits home. It's crystal clear what occurred here today. INCA for the past week crushed ask prices whenever the market wanted to bounce back, they did this for a reason, because every institution was short. They were short last week and they doubled up this am fully aware that people had to liquidate many of their positions today. So they loaded up before the real sell off began...then the bully tactics(flashing 100k shares on the ask on a $100 stock) commenced to jump start the "real" sell off. As I watched L2 on many issues during the sell off, I noticed every time at key levels starting @ 4000, whenever some buying came in and a bounce looked in order, INCA continued to use bully tactics to drive the market down even further. Once 3650 was reached, I noticed no more selling, no more bully tactics, and the volume dried up (similar to being in the eye of a hurricane). Then the buying/short covering kicked in. I had several orders that never got filled even though no buys were going through at the ask...just a few sell transactions. The reason? All the houses had to get there fills first. Then came the other side of the hurricane. The buy side. The fix was on...the institutions rode the market down, now it was time for them to ride it back up once they covered their shorts and went long soon after. And if anyone is wondering where all the volume came from...the following should be of no surprise what caused the biggest volume day EVER!
