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To: Sam Scrutchins who wrote (21666)	1/4/1999 5:58:00 PM
From: Golden Bear	Respond to of 213173

Sam, I can't tell the difference with Level II. If it were not for the blatantly aggressive selling behavior of those few market makers, in combination with their high trading volume, I would not know. On the other hand, when previously "quiet" market makers start coming to the floor with lot's of diversified buy or sell orders (this occurred last week), it is apparent the general public is jumping into the action and "interest" is picking up.

To: Sam Scrutchins who wrote (21666)	1/4/1999 6:14:00 PM
From: Golden Bear	Read Replies (1) \| Respond to of 213173

Sam, follow up on my post: Another possibility is some large fund is selling their shares. But I have ruled this possibility out: the trading behavior I have seen would be too self-destructive. Rather than "distribute shares" at a certain price level, while backing off when buying demand softens, this market maker is impatient and aggressively jumps inside the ASK to drive the price down as quickly as possible (although not as aggressively in pre-Christmas trading sessions). The same market maker buys back a lot of shares at the end of the trading day. Second, I suspect the same party(ies) were selling shares from a "long postion" last November, prior to options expiry. At that time, I noted whoever was selling had millions of shares at their disposal, probably one of the bigger funds. By now, I am certain they would have run out of their own shares to sell and would have started borrowing shares to sell short. Thereore, I don't think this is a fund selling off part of their position, rather someone attempting to control the price. Again, just my opinion.