To: Arnie Doolittle who wrote (14219 ) 5/9/1999 1:32:00 AM From: R. John Read Replies (1) | Respond to
Arnie, I see the transactions that you speak of and the best I can do is give my take which I will gladly do. I have been told in the past by different people that these are volume totals. I can not vouch for the log of TMMI from yesterday but the last stock that I saw these huge prints repeated, I went through and checked the volume myself and they were not individual transactions. Take that for what it is worth, basically nothing. As far as the drop in price yesterday afternoon...No surprise really. Daytraders made it known that they were playing, some who have been in for a while, have been looking to exit at the first sign of life and finally those who bought in the last couple of months could sell for 6 and 7 baggers. When the sell orders started coming in the mm's started dropping the price and then you always get the people who bought on the run up yesterday and all at once they are down 30 or 40 percent and this creates more selling. Throw in a few trades at the bid between mm's and they can run a price down real fast. Arnie, I do not know if there is any substance at all to any of the rumors but I do know that where volume goes people usually know that something is happening. I did find it very interesting that when the price started dropping, the buys were still outnumbering the sells by a big margin. In fact on a lot of the drops, there were nothing but buys between drops. Then they started dropping it on 5 and 10 thousand share sells. It just so happens that I already own what I call "enough" shares, but the trading in this stock recently is a pattern that I have witnessed many times and the end result more times than not equals a significant price increase. Now I don't know about anyone else but, I continuously look for stocks that all at once start trading huge amounts. Arnie, we all try to act like we know what is going on with all of the stocks that we follow but the unfortunate truth is there are a lot of people who know things that are happening while we are still clueless. This stock may be worthless by Monday afternoon but when a stock trades more shares in one day than it trades in any entire month for the last three years, my thoughts are that something is up and it is not three day old fish. I know that there are a lot of bitter feelings on your part and I understand them very well. This is how I make my living and I have been lied to deceived and I could go on and on but as I said earlier, volume usually does not lie. I think all of the stock holders are going to enjoy the next few weeks. If the volume is not telling the truth, then this will be one of the exceptions and I will be one of the first to say that you were right again. Enjoy your weekend.
