To: John Cuthbertson who wrote (3536 ) 12/4/1997 5:30:00 PM From: Scott Lerner Read Replies (3) | Respond to
Until last week, I would have agreed. At about 8 1/4, last week, a HUGE "seller" showed up. He was offering 100M shares at the ask at one time! Suddenly, all the buyers vanished. He scared them away. I think it could have been a short ploy to manipulate the stock. It apparently has worked! In any event, every time the bid dropped a 16th, the seller dropped his offer! Very little dent was being put into that block (consistant with my short theory-the short doesn't mind shorting here because he has so much profit it has become an amusing game. Note the lack of block trades, this further supports that the initial seller was a short because he can only sell on an uptick.) Now, earlier when the stock was still 7 1/2 some little people probably got scared and decided to sell at the bid, further pressuring the stock. What do you all think? BTW, on Friday after Thanksgiving, the sell block was not present. The stock went up. I think this shows that the seller is a Pro who took the day off. A real seller would not have shown so much stock for sale at one time (I'm in the biz and NEVER in the last 18 months has there been an entity selling a block like this at one time while the stock was stagnating-maybe during one of those amazing spikes) Trust me-whenever the seller was not present the stock upticked and when he shows up-BLAM! It is all psychological. Big money won't buy while there is this "seller". I'm afraid that now that he has pressured to a 52 week low and we will be working off of an even lower base.
