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To: MileHigh who wrote (7583)	9/29/1998 10:13:00 PM
From: Gary Wisdom	Read Replies (2) \| Respond to of 93625

Ok, Milehigh, since you asked, I'll try to explain. <<why would H&Q offer a bid at 65 7/8 when the next closest bid was 65? Are they stupid?>> Very simple. At $65 1/8, only x number of shares would be sold to them. I don't know if you noticed, but the volume was pathetic most of the day, with the exception of those times the price went up. H&Q is not stupid. They knew they could entice people to sell at $66, but not get enough stock at $65. You ask why they didn't buy any at $63. Well, they did. They bought all day most likely. There were 1.3MM shares traded today. That's not chump change. Just as Inca offers shares at $.50 under the market in order to get rid of them, H&Q had to bid up to get enough shares. That's the market.