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To: John Graybill who wrote (42672)	2/2/1999 7:58:00 PM
From: J. P.	Respond to of 53903

<<Either that 72 5/8 is an innocent typo or it's a perfect example of tape-painting: if it isn't corrected by tomorrow morning, it looks like MU took a big dump today (true enough) without recovering much.>> Fishy price action today, as usual. w3.trib.com <<The specialist has absolute control over price. He can match the buys with the sells in any way he sees fit. He can raise the price of the stock 3 points in three trades, and open the next day down 5. The seeming unpredictability of stock prices is due to the fact that prices exist at the whim of the specialist. A stock is only worth what the specialist is willing to pay for it at the moment. The fluctuations you see are, in fact, the evidence of how the specialist is working out his inventory problems to meet his short-term, intermediate-term, and long-term goals (2Ney, 172). The specialist will sometimes 'leap frog' his prices up or down, creating a gap. This is done to keep a group of investors from buying or selling at a particular price. 'Leap Frogs' show specialist intent. >>