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To: my2boys who wrote (4718)	1/20/1999 10:30:00 AM
From: Lane Hall-Witt	Respond to of 27722

Actually, to be fair, it's a combination of MM activity and the behavior of investors. What strikes me is that the price dropped about 10 percent on trading volume of about 300,000; for a stock trading as heavily as NAVR typically does, this is a large drop on small volume. MMs are able to drop the price this dramatically when investors don't step in and make them pay the price by buying. Of course it's rational, if you're looking to buy, to let the price fall as much as possible before stepping in: I often find myself watching stocks in the morning freefall and then try to guess where the buying will kick in. It's a fun psychological game: watch NAVR drop to 17, 16 3/4, 16 1/2, 16 1/4 . . . try to figure out when the first buys will come in and turn the price back north . . . today the buys started coming in at about 16 and it was time to pull the trigger. The MMs were able to drop the price to pick up those cheap shares at the stops. But the reason they were able to do that is because the buyers were patient and waited for better prices.