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Strategies & Market Trends : From the Trading Desk -- Ignore unavailable to you. Want to Upgrade?

To: steve goldman who wrote (2646)	3/4/1998 10:11:00 PM
From: TFF	Respond to of 4969

Steve:Can't say I miss those calls;)

To: steve goldman who wrote (2646)	3/5/1998 6:59:00 AM
From: steve goldman	Read Replies (2) \| Respond to of 4969

A couple of procedural notes on tommorrows opening: If you have buy limit orders or sell stop orders out there on a listed stock, and the stock opens below your price, make sure you get the opening price, the opening print, what the quote services display as "O", not the opening offer. Even if your firm makes the market, or acts as principal, or routes it to such a company, you should still get the opening price. OTC stocks will be a disaster. Since it is a multi-party, negotiated marketplace, there is no way and they legallly dont have to give you the opening price, its whatever price they get it at for you (and their profit as well) which could be below, at or much above the opening few prints. There will be tremendous volume probably at the open and since the market in INTC, DELL, MSFT, otc stocks is not made by one person, they actually have to run out and get stock from a firm,which is not easy to do if the stock isrunning higher, especially if they are trying to make an 1/8 on your order. f someone happens to throw an bad print in there at exactly 09:30:00, and the nasdaq uses that as the "opening" print (since otc trades preopen openly) then it makes matters even more complicated. Maybe everyone could post up here how well they do on OTC stocks and listed. I will post later today some of the particularities I see at the open. It will be wild today.. Be careful... Personally Irby, thats two disappointments in three quarters for Intel...might be 2 in 4, I don't recall right now. Nothing says the stock doesnt slide back to 50, 60 bucks over a period of a few weeks then sits dead for a qtr or two, like any other disappointing company. Not that it might happen, but dont think it cant. I would never even phathom trying to call a bottom on these stock, just points where it might be a reasonable purchase. Ie..if intc only makes 60 cents, thats maybe 2,3 bucks going out 4qtrs...Lets use its histroically PE of 12 x 15 and you are talking 45, 50. This is the first year stocks like INTC EVER traded at 22 x earnings..historically it has been lower. same with MERK, 33x, has no right being there. Regards, Steve@yamner.com yamner.com