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Friday, August 04, 2006

Update - MRX

Although the after hours prices for MRX was very odd, it got a second recommendation on Fast Money last night which appears to have given it an extra push. There were only 3 pre-market trades at $27.24 which was yesterdays regular hours closing price. The stock then opened at 9:30am at $28.00 which was the high for the day. The stock then went much lower and had a low for the day of $26.77. The stock closed at $27.00 down 24-cents. The volume was lower then average on the day. So it was very surprising to see the spike at the opening bell. I'm not sure how the Fast Money crowd may have influenced the stock ontop of Cramer recommending it. Why people felt the need to bid up that much at the open when the stock traded in the pre-market much lower. Probably some market orders. Either way, always a good sign for shorts!

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