Well, ddzx, much of the time price does retreat to the placement...

Well, ddzx, much of the time price does retreat to the placement level but it does depend on the stock and newsflow and how most impotantly, how sticky the placement holders are. We've all seen tightly held stocks just keep going up after a placement because nobody wants to sell many. This is where the broker data was telling, in that once you stripped-out the churn, it was essentially brokers selling to retail investors.