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Gold/Mining/Energy : BET YOUR ASSAY - Mining Terms Explained
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To: Henry Hooymans who wrote (317)1/31/1998 12:55:00 PM
From: Lilian Debray  Read Replies (1) of 463
 
Large cross are just transfers between accounts. They interest investors because they often indicate a coming movement in the share price.

In speculative stocks, however, that movement may or may not reflect the value of the company. To take a shot at interpreting large crosses you really have to know the circumstances well and be very confident in your own DD.

Some questions you could ask yourself and some possible answers:

* Is that cross done through one of the houses used by the insiders? They may be:

transfering shares from insiders accounts to a large investor when the market volume is low

accumulating shares

selling out shares

supporting the stock

* Is that cross done by a house that has the reputation of being a market maker for a category of stocks? That house may be:

creating volume

rounding up stock before a run up

finding shares before selling a stock down

walking a stock down to a chosen level

walking a stock up

creating price swings to shake out "skittish" investors

giving the impression of a strong interest in the stock

covering shorts

* Is that cross a bundle of small trades made "upstairs" by a house and transferred electronically to the exchange as one big trade?

TSE statistics show that the six brokerages that do the most volume cross 18 per cent of small trades --meaning they act as buyer and seller. These crosses, in turn, account for one-fifth of these companies' retail trading.
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