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To: ChrisJP who wrote (11143)10/22/1998 9:39:00 AM
From: Shadow  Respond to of 14347
 
If the conversions are done there are no fresh shares entering the float. The price should be much more responsive to buying. Short term momentum traders are probably accumulating at these levels and they won't sell till they get their 20%-30%.



To: ChrisJP who wrote (11143)10/22/1998 11:22:00 AM
From: Gerald L. Kerr  Read Replies (2) | Respond to of 14347
 
Looks like the fire sale is over.

I don't have Level II, but I'm guessing that there were few trades the first hour because MM's were ignoring limit orders below the ask, forcing buyers to pony up.

This would be consistent with the accumulation scenario that Worden TC2000 charts are showing.

Gerry


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