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Biotech / Medical : Ligand (LGND) Breakout! -- Ignore unavailable to you. Want to Upgrade?

To: Proton who wrote (12047)	12/4/1997 11:32:00 AM
From: Henry Niman	Read Replies (1) \| Respond to of 32384

PP, I'm certainly not trained in the technical area, so maybe you can explain why things are "a real sticking point". On Tuesday, near the close LGND's price moved to 13 3/4, and I felt that the move was related to a 15K trade at 13 3/4 which was the high for the day and I assumed it was a buy. The next day volume was light and I didn't understand why the 13 3/4 was designated as a ceiling. This morning, the 13 3/4 was readily penetrated by some larger (5K) trades at the full ask price, and then the ask moved to $14. After the first $14 trade (another 5K) there were several at $14 and a coulpe at 13 15/16. Then the bid was raised to 13 15/16. To me the price is moving steadily higher with most trades at the ask or closer to the ask than the bid. This has all happened over a reletively short time frame. Why is $14 "a real sticking point"? The vast majority of the trades were at $14 and $13 15/16 when the bid was raised to 13 7/8. I had looked at 15 min delayed numbers before I put up this post. While writing it, the 15 min delayed quotes did show a brief dip (bid fel to 13 11/16 and ask was down to 13 7/8 and then a 10K trade went off at 13 7/8. After that, the ask went back to $14. I guess that such a "dip" could be creating a "sticky point", so maybe you had seen that on real time before you posted, but it does look like most of the big boys are trading at the ask price at the time of the trade and a buy at 13 7/8 doesn't look all that "sticky" to me.