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Message: 43-101

Merc, I just want to clarify your post. Raymond James does not tecnically have a bid. The buys of late have all be marked with the W that means they are not setting the price and are actually buying shares "at market." If you notice they are rarely in on any trades from the bid side. I was wondering about this strategy as it appears they are consistently paying at least a penny more than they have too in many cases. The conclusion that I have come to is that this strategy makes it a lot more difficult for a competing computer trading program to steal pennies. For example Jitney can offer shares to their hearts content, however not knowing where RJ's limit is, it is difficult to maintain a bid to cover their sales. I also took notice of the light trading, this would hopefully allude to a shortage of sellers willing to part with their shares. If it wasn't for Jitney providing a bid and Dundee stepping in from time to time, the price IMHO could be higher. That is why I believe that Dundee and Raymond James are working together on the market activity. It will be interesting to be able to compare Jitney's buy and sells for the week and then see how many shares RJ bought.

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