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Technology Stocks : TouchStone S/W (TSSW) -- Ignore unavailable to you. Want to Upgrade?

To: David Alan Cook who wrote (3391)	2/5/2004 11:17:45 PM
From: rogerover	Read Replies (1) \| Respond to of 3627

Depends how thinly traded the stock is, but IMO most likely the MM would fill your 10,000. But if you tried to buy 30,000-40,000, for example, it could easily be another story. It also depends on whether the .50 offer represents a real live seller offering his shares through the MM, or whether the MM is shorting it out at .50 and will have to go high bid to try to cover. With a thinly traded stock with a huge spread (say, .25 x .33), whenever someone hits the bid (.25), the MM who bought that stock will usually become the low ask (.32 or maybe as low as .29-.30) until he unloads it. And when someone buys from the MM with the best offer (.33), he has usually shorted it and will probably become the high bid (maybe .26-.28) until he covers the short.