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To: trouthead who wrote (3933)	11/27/1998 2:06:00 PM
From: Paul A	Respond to of 8307

they did have a bid out that high in pre market activity.. of course it never made it there, but it shows the general feeling. longs have such momentum behind them right now.. and a gap down will only cut fractionally into their profits from the last 2 weeks, so we will continue to trade/position at such a premium.. whats the risk? far greater on the short side.. I see no reason to believe there will be a slowdown starting first thing Monday morning. We closed right near the top on huge volume today which is incredible.. Incredible these internets actually are building huge bases at ridiculous prices. Why fight it?

To: trouthead who wrote (3933)	11/27/1998 2:07:00 PM
From: sam	Respond to of 8307

Let me try. On a Level II screen you can see all the marketmakers, their bids and asks, and the amount of shares they are willing to buy (at their bid price) and sell (at the ask price). Dean Witter's first buy price was 41 (their sell price was at 44). Normal trading doesn't start till 9:30 est, but market makers start posting at about 8:15. Plus, electronic 3rd market trades (Instinet, Island, Selectnet, etc...) can be executed. Dean Witter posted that bid because someone (either a client or the firm themselves) wanted to buy at that price -- for whatever reason. As I stated on a previous message, I saw an order go through at 39 7/8. Maybe they wanted to spook people into a short squeeze. Maybe they know something about the where the stock will be going. Evidently, they made a poor trade since they could have bought just a few minutes later at about 24. But most of the trades (and there was quite a lot) went through from 25 to 28 -- pre open. Someone bought over 21,000 shares at 21 1/2. But you probably won't see those trades listed on the 'highs' and 'lows' either. Hope this helps.

To: trouthead who wrote (3933)	11/27/1998 3:50:00 PM
From: HairBall	Read Replies (2) \| Respond to of 8307

Junior: Gan you explain what sam is saying about a pre-open bid by dean witter for 41. Why would dean witter place such an order. Sounds odd, hope you can shed some light. That would be to MANIPULATE the Market psychology before the open, pure and simple! I am sure the viewing of that bid impacted shorts and wannabe longs. Ever wonder why that bid was not filled? Why didn't some seller get the benefit of that bid? Always remember that pre open limit bids can be canceled before the Market opens. BWDIK Regards, LG