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To: Bilow who wrote (44543)	5/23/1998 5:52:00 PM
From: Jim Patterson	Respond to of 176387

RE: I was watching this stock, as well as MANU on a Level-2 Naz workstation, and I think I saw the same thing happen I think you are on the mark here. But I will add, on the timing issue. The market makers have big orders that they have to get done. So in order to make sure that they are done bofore the market closes, they aim for 3:45. That is why you see selling or buying presure fade bofore the close. Also on how the big blocks trade on the offer or the ask, That is a tricky one. Say you have a big hedge fund that moves a lot of volume through the Herzog desk, and is a great customer. Say the guy had a big Manu position and wanted out. Herzog does the trade at the market knowing that they will take a bath on the stock. That is ok because the guy with the stock is a good customer and they need good customers. So they take the stock. Throught the day, they are trying to get rid of the stock. So anyone that will take it from them, they print it on the ask. Once they have gotten rid of all of the stock, they go back average price the whole thing and descide what the print should be for the hedgfund guy. The fund gets out and herzog gets a better print. This might take 5 min or 3 hours, but I hope you get the idea. Jim