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

To: Hippieslayer who wrote (15494)	2/20/1998 2:57:00 PM
From: Henry Niman	Respond to of 32384

Fuzagi, The 35K block at 14 5/16 (the bid price at the time) was followed by a 30K block at 14 3/8 (the ask price at the time). However, shortly thereafter the bid was raised to 14 3/8 and the ask to 14 1/2, so I guess both were BUYS, according to the "follow the tape" analysis.

To: Hippieslayer who wrote (15494)	2/20/1998 3:33:00 PM
From: Henry Niman	Respond to of 32384

FUGAZI, Looks like the big boys are active today, and the follow the tape rule indicates they were all BUYS! 9400 traded at 14 1/8, followed by 9400 at 14 3/16 twenty seconds later, followed by a RAISING of the bid and ask. Volume is getting close to 400,000.

To: Hippieslayer who wrote (15494)	2/20/1998 3:34:00 PM
From: tonyt	Read Replies (1) \| Respond to of 32384

Low today is 14 1/8th, so it looks like the 'big boys' even get to buy at the bid (I wonder if they also sell at the ask) :-)

To: Hippieslayer who wrote (15494)	2/20/1998 3:49:00 PM
From: Henry Niman	Respond to of 32384

FIGAZI, It's appropriate for the big boys to buy at the bid because the "follow the tape" rule (posted by guess who) allowed them to SELL at the ask price.

To: Hippieslayer who wrote (15494)	2/20/1998 3:50:00 PM
From: tonyt	Respond to of 32384

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To: Hippieslayer who wrote (15494)	2/20/1998 4:03:00 PM
From: Henry Niman	Read Replies (2) \| Respond to of 32384

FUGAZI, How soon we forget. Just to recall the background for the following post: Message 3306329 At the end of January, there was a 200K block at the high for the day (11 3/8). It was paired up with other large blocks at a slightly lower price. The other blocks added up to approximately 200K. Since LGND's price fell after that, someone suggested that the trades at the high for the day might actually be sells. Now someone seems confused when a similar pattern (on smaller blocks) is repeated today. The blocks are swaps, but since similar swaps were called SELLS when the price fell, it seems appropriate to call swaps BUYS is they are followed by a rise in the bid/ask. The above falls under the "don't fight the tape" command.