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Technology Stocks : SSA (SSAX) BPCS/Client Server
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To: MAURICE J. SADOWSKY who wrote (792)5/1/1998 1:04:00 AM
From: James B. Barnes  Read Replies (2) of 915
 
I think you have to be careful how you count the "5.5 million shares sold". It's the old story of "how does Nasdaq calculate it's trading volume?" For instance, if I place an order to sell 100 shares at a price inside the spread, and you place an order to buy at my newly published price (presuming the market maker doesn't wish to match my better price), does the Nasdaq list that as total volume of 200 because of that trade, or 100? My answer to that question is "I'm not sure", and that's why I'm not sure there were 5.5 million shares "bought" the last three days, it could have been roughly 2.75 million bought and 2.75 million sold, or something like that. I don't think anyone knows the exact answer, as no one knows how much market maker inventories increased or decreased over the three day period.

Regards,
James
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