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Technology Stocks : JDS Uniphase (JDSU) -- Ignore unavailable to you. Want to Upgrade?

To: Surfer who wrote (12029)	7/26/2000 6:17:30 PM
From: The Duke of URL©	Read Replies (1) \| Respond to of 24042

On the NYSE the mm has accumulated buys and sells from the overnight. Say 3,000,000 shares to trade. He matches all the buy and sell prices and then opens. The price that is the open is the price of the last trade. It certainly is possible to manipulate what will be the "last" trade, and there is more than a theoretical possibility that the MM will reflect upon his own inventory prior to reporting the trade, however, it is his job, and probably in his best interest to open the last trade where he thinks the market is. To say that this is stealing or some such term is not articulate, especially if you remember an MM is just a broker, after all, trading in part on his own account. As electrified individuals take more of the market volume share, this practice will of itself diminish. It is a carry over from a pencil and paper era; Mold dies when exposed to sunlight without having to call the exterminator.