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Strategies & Market Trends : TA Science Projects & Experimental Indicators

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To: ftth who wrote (94)	3/20/1998 1:56:00 PM
From: ftth	Read Replies (1) of 237

[CORRECTION #2] Not such a perfect example after all. I misunderstood (or maybe heard what I wanted to hear) regarding the large blocks yesterday. There was a 488k block, 2 100k blocks, and several other 20-50k blocks bought at bid into inventory. I think I only (wanted to) hear the "bought" part, but these were actually sales at $19 from the market participant's perspective. About 3/4 of these were immediately flipped at 19 1/4 (a 280k block, a 150k block, and a 100k block). This trade was pre-organized, but because of the way volume is counted on the NAZ (once for the buy at bid, once for the sale at ask from the MM's perspective), this flip counted toward roughly 1.2 million shares in the total volume figure, rather than the 600k shares it would have counted as in an auction market. Perhaps this was the reason for the upside resistance/brick wall (if it has been known for some time that a large seller wanted to bail, and they have been waiting for matching large buyers). Possible that clearing out this overhead resistance greatly reduces the upside barriers. We'll see at the next test of the highs, when the ascending-triangle-wanna_be upper boundary is tested. dh

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