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To: Teddy who wrote (8348)1/15/1998 10:20:00 PM
From: HH  Read Replies (2) | Respond to of 95453
 
Teddy, I dont think 69200 shrs is a significant order imbalance.
Also, the Specialist isnt really obligated to buy or sell all the time,
only in the operation to smooth the market for that security.
(whatever that means) During the 87 crash it wasnt smooth
in the slightest, neither recently during last crack.

HH



To: Teddy who wrote (8348)1/16/1998 9:45:00 AM
From: Teddy  Read Replies (1) | Respond to of 95453
 
Not to beat a dead horse,
but it appears that that my thoery that a Closing Imbalance on the buy side would most likely result in a gap up was correct:

NE opened late.
Up $1
vol 149,000

I will continue to monitor Closing Imbalances in the future.