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Strategies & Market Trends : Steve's Channelling Thread -- Ignore unavailable to you. Want to Upgrade?

To: Zeev Hed who wrote (19499)	6/30/2001 2:20:25 PM
From: tennessee_ted	Respond to of 30051

Zeev- the "post market" trading on BEAS comprised the theft of about $10 million. I watched the entire thing having 2 trading platforms and Bridge LII keeping sort of a coherent view. The day's volume was around 17 million shares, 7 over normal. I had snagged a very small position at 32, expecting a bounce back from there of maybe a half a point or so. Then the selling started rolling massive stops over and millions of shares were gobbled up on the drop to 30. After the selling stopped, it only took a short time and little volume for the price to recover 1.5 points, where I bailed with a little loss, and the close was 31.70. A whole lot of people are going to be incredibly pissed off at losing their shares. What made this unusual, was that for some reason BEAS seemed to have a good line to Island, Instinet and the other ECN's. It may have been one of the few issues still working properly on Selectnet or SOES. Regardless, only a few stocks suffered such a decline and bounce, and the MM's really scarfed up those shares at bargain prices! On the other side of the coin are the thinly traded stocks like PANL (one of my love/hate stocks) that had a combination of short stops and/or buy stops triggered, or market buys released afterhours that caused the price to skyrocket with no ECN shares available. A lot of giant fills took place at hugely inflated prices that will not be sustained on Monday. It's a huge mess and reminds me of the EMLX debacle, except on a market wide scale. They didn't take those trades back, I suspect they won't here either, but a whole lot of people got royally screwed- I count myself blessed not to be one of them, on the other hand, I missed a couple of once in a year opportunites. -Ted