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To: richard lloyd who wrote (30606)	1/29/1999 5:32:00 PM
From: MadMax	Respond to of 33268

Richard, Sure did, happened to be home today, (backwater of a weeks vacation) so I watched things closely. Strange to see trades @ 7 15/16 with listed real time quotes of bid 7 5/8 to 7 3/4. Trick of the MM's was the sides were listed as 1 by 1 at that time. The unsuspecting market buyer then got hit with the MM's inflated ask price. (I no longer have Level II, can anyone out there let us know where the sides range @ close?) Now the only way the above works is for the spread to be artificaly increased to the 1/4 - 3/8 range. MM's obviously did this as they are required to provide bids & asks in 1K blocks. Anytime you see sides less than 1K that order is a market order not a MM listed order. The stock traded most of the day in increments of 1/16, which meant that most trades were bypassing the MM's mark-up. MM's may simply have pulled away to re-coup the mark-up that they are accustomed to. NASDAQ is making efforts to minimize MM's mark-ups & if you were a MM, you'd be working to regain the golden goose I figure. That 7 3/4 close did not appear until way after the supposed close. Check the interday for yourself: quicken.com Like you said MM's up to something, like building a float to capatilize upon an up-tic next week maybe???