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Technology Stocks : Mercator (MCTR) [formerly TSI Software]
MCTR 0.979+6.9%Dec 9 3:46 PM EST
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To: go_bucks who wrote (25)9/5/2000 10:47:42 PM
From: Carl R.  Read Replies (1) of 70
 
Actually I think Thomsons works fine, for what it is. You have to keep in mind that it is a parallel market at best, and no market at all at worst. You certainly aren't looking at buy or sell orders on the open market, and if that is what you think you are looking at you are bound to be disappointed. What you are looking at is funds expressing an interest in buying or selling a large block. They have no intention of selling it in the market, and they certainly have no desire to move the market against their interest. Thus the fact that they want to sell a block of say 100,000 shares will not translate into moving the stock downwards.

All things considered I'd rather see buy interests in stocks I own than see sell interests, but remember just because there is a fund interested in selling that doesn't mean that they actually will sell unless someone is willing to meet their price.

The super-buys are more likely to impact the regular market, by the way. If a fund puts in a super sell as say 17, they may also put in a limit sell at 17 for the same shares, in which case they will affect the market. On the other hand, if they aren't willing to break their block and trade it on the open market, even a super buy or sell won't impact the stock market.

The signals from Thomsons are genuine. Their ability to predict movements in the overall market is limited however because they only affect the actual stock price if the fund is unable to cross the block and decides to break the order up and trade it on the open market.

Carl

PS - Nice move today by MCTR
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