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

To: tuck who wrote (17810)	3/24/1998 1:03:00 PM
From: celeryroot.com	Read Replies (1) \| Respond to of 32384

If you look at the price of the trade, the ask never hit it today

To: tuck who wrote (17810)	3/24/1998 1:06:00 PM
From: Flagrante Delictu	Respond to of 32384

tuck, It looks like there was a trade of 84 Aug. 15 puts & also a time spread trade of eight contracts in the Aug. 15 & Nov. 15 puts. Tomorrow's open interest should either be unchanged, lower or higher. This will give some clues as to whether we saw opening or closing [or exchanging] trades in the puts. Most likely, the trade was between a market-maker [seller] & a member of the public[buyer]], which includes institutions. A trade of this size is usually not insignificant. Let's watch the new OI & subsequent trades to see if a pattern can be detected. That a put buyer, opening such a trade, has that strong an opinion that LGND may dive around Aug., is worth monitoring. Where is the great Texas Dude when we need him? Bernie