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

To: celeryroot.com who wrote (17808)	3/24/1998 12:36:00 PM
From: Dan O.	Respond to of 32384

It would be if you ignore the fact that someone bought 84 aug15p's <g> Dan O.

To: celeryroot.com who wrote (17808)	3/24/1998 12:37:00 PM
From: tuck	Read Replies (2) \| Respond to of 32384

Celeryroot, And who do you suppose bought? I reckon that whatever the case, today's put action will have its influence on the share price, though it would likely be hard to detect. The other side of the transaction could well have been a market maker who may feel obliged to hedge the position he has been obligated to take. The action is ~100 contracts = 10,000 shares influence, a small, disguisable, transaction in light of Ligands's daily volume. Perhaps more important is the possibility that this is a transaction by smart money. In your scenario, the sale of puts implies the smart money is bullish. Your reasoning that it's a sale; were you watching as it went off at bid? Tuck