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To: Que who wrote (5304)	12/9/1997 1:28:00 PM
From: Musya	Read Replies (1) \| Respond to of 10368

Que what do you think of such a narrow spread: 1/32 in warrants and 1/16 in shares? The price is lower, but not so much to justify this. Musya

To: Que who wrote (5304)	12/9/1997 1:31:00 PM
From: Market Tracker	Read Replies (1) \| Respond to of 10368

Have been watching the Oracle unwinding. Have never even thought an issue could trade the volumes this one has today. Now traded 119,000,000 shares in less than 4 hours. Down 9 7/16ths to 22 15/16ths. Time value of BNGOW continues to erode. BNGO last traded at 5 3/4, or $0.75 above the initial public offering of almost 3 years ago. MT

To: Que who wrote (5304)	12/9/1997 1:33:00 PM
From: Jonathan Brown	Read Replies (1) \| Respond to of 10368

Que, a MM question regarding stops: Earlier I wrote that I'd been stopped out of BNGO at 5 3/4. My report from Datek came back as four or five partial fills (this makes me see how an all-or-nothing order can help) Apparently the MMs grabbed my shares, then sold them to anyone with a standing buy (or held them for their accounts, though given the small sizes of the fills, that seems less likely). If somebody has a standing limit order in for 5 7/8 or 6, and I have a stop at 5 3/4, I presume the market maker can fill both orders and make the spread. I think that's what happened. I don't think this was a buy for a market maker's account. But what if I'd put in a stop at 5 1/4? Could the market maker grab my stop, then fill at 6 and pocket the difference? What's to (pardon the pun) stop this? If they grab the shares by bidding 5 1/4, does the ask have to follow it down? For how long? For instance, say somebody has a standing buy limit order at 5 1/4. Would the MM have to give that order precedence? Or suppose there's a standing buy at 5 3/8, assuming the MM didn't have to honor the limit order and scarfed up the shares. Would a MM wanting to turn around and sell the shares then have to fill a standing bid at a lower price, say, 5 3/8, first? What are the exact rules in this game? J