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Strategies & Market Trends : Roger's 1997 Short Picks -- Ignore unavailable to you. Want to Upgrade?

To: CalculatedRisk who wrote (6527)	11/5/1997 6:14:00 PM
From: Pancho Villa	Respond to of 9285

CR:>>ACLY - excellent price! It looks like the sector is starting to collapse << yeah! I had a fist fight with the market makers this morning. It went as follows (roughly). I use the rudimentary real time nasdaq quotes that Zacks provides with their subcription. Don't recall the bid but around 10 AM the ask was 221/2 placed two orders one at 225/8 and another at 223/4 since I was not dying to complete the transaction today. Immediately following my orders the ask went to 225/8, I cancelled my 221/2 order and replaced it with an order at 225/8, the ask then moved to 223/4. I thought I wont let this guys buy at 3/4 to then sell to me at 5/8, I cancelled my 225/8 order and moved it two 223/4. The result I had both orders executed at 223/4! First time I try trading this way I usually just place an order at the ask. Was I capable to squeeze something out of the MM or am I imagining things? Pancho PS: I sleep very well at night. And will sleep even better in this crazy market with a reduced long exposure. I still have significant long exposure [I always will] One more thing, I benefit from the ideas in the treath but I am responsible for my own research and trading. Every time I have naively believed there is an easy buck waiting for me I have been burnt.

To: CalculatedRisk who wrote (6527)	11/5/1997 7:39:00 PM
From: Pancho Villa	Read Replies (1) \| Respond to of 9285

CR: IMO ACLY is much more attractive than DDIM (I just started studying it) DDIM's ratios are outrageous but not an much a ACLY's. Also, In terms of volume of revenue 50MM for DDIM it seems to be a stronger outfit. What do you think? One more question, in volume/price charts for zitl, zcly, ddimin, I noticed that the the declining trend in price has been accompanied by a declining trend in volume. Does this mean that the big guys already dumped the stock and it is now the little guys trading? Pancho