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

To: jayhawk969 who wrote (24194)	8/8/1998 7:23:00 PM
From: Henry Niman	Read Replies (1) \| Respond to of 32384

JD, I think that the 10 1/4 was a buy (I think that our famous naysayer is the only one who thinks that trades at the high for the day are actually sells), but the buyer had to pay 10 1/4 (instead of 10) because AGN was through selling at 9 7/8. If AGN was still selling at 9 7/8, the 8K trade at the end of the day would have gone through at $10 like all of the other trades just before the bell and just after the bell.

To: jayhawk969 who wrote (24194)	8/8/1998 7:43:00 PM
From: Henry Niman	Respond to of 32384

JD, Let me try clarifying again. On Friday there was a lot of action in a very narrow trading range. Up until the final seconds, all trades (about 600K) were between 9 13/16 and 10 (and I think that the lowest execution on a big block was 9 7/8). I think that the high volume was stuck in that range because someone was willing to sell large blocks between 9 7/8 and 9 15/16 (probably AGN) and someone was willing to buy at 10 or less (one or more unnamed big boy). At the very end of the day however, someone wanted to buy 8K. However, instead of going off at $10 like the many buys a few seconds earlier, it went off at 10 1/4 because selling below $10 had dried up. This doesn't mean that AGN won't be selling next week at $10 or higher if there are natural buyers. In fact if the big boy buyers are willing to pay a bit more than $10 then I suspect that AGN will be willing to sell at $10 or more. I just think that the 10 1/4 buy at the end of the day signaled that AGN was through selling below $10.