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Technology Stocks : PROGRAMMER'S PARADISE (PROG) -- Ignore unavailable to you. Want to Upgrade?

To: William T. Katz who wrote (837)	2/26/1999 12:02:00 PM
From: JSB	Respond to of 2383

You know, there is a distinct possibility that the MM's walked the price down to accomodate a large investor. I've seen it done before. Amazing how we trade on no volume all week, dropping like a rock then boom, all kinds of volume. Me thinks we have just seen an incredibly well orchestrate shake and buy in. JMHO. Zeev, any thoughts? I added some at 11.75, at least it was a buck cheaper than where I sold. Best to all, Jeff

To: William T. Katz who wrote (837)	2/26/1999 12:08:00 PM
From: SDR-SI	Read Replies (1) \| Respond to of 2383

Hi all: Don't forget that the market maker has two major responsibilities: 1. Providing an "orderly" market (not necessarily a "fair" market). AND 2. Making trading profits for his company (in his market-maker securities). The relative importance of these functions varies directly as the measure of "opportunity" perceived purely on the "always rational and never unfair" sole judgement of the market maker. Thus being the case, it has been known (or at least reliably suggested) that when a stock has gone down a bit, but is seen to be about to be governed by greatly increased upward pressure, to have the market maker bring down the stock price even more to provide a public service to clean out the stops of those who have placed them in the lower end of the reachable market price. While the MM might say that such substantial further downward movement is a "natural" phenomenon, there are those who might believe that such downward extension to the "hurt" point might provide inventory for the MM to use in the anticipated upward price movement that will follow, and thus be a source of significant income to his firm. Couldn't happen here!! NOT!! Just my opinion, BWDIK. Steve