Bill Wexler's Dog Pound Message Board

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Non-Tech : Bill Wexler's Dog Pound

REFR 1.950

-7.1%

12:29 PM EST

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To: golden_tee who wrote (455)	3/28/1999 7:53:00 PM
From: Larry Brubaker	Read Replies (1) of 10293

<<Ignoring the unclears, the imbalance was 8,800 shares to the sell side. Since the NASDAQ double counts, the "25K to go" was closer to 4400 to go.>> Not exactly. The transaction log correctly indicates the number of shares involved in the trade. Therefore, if the transaction log indicates 5,000 shares went at the bid, somebody just sold 5,000 shares to a MM (or an individual buying at the bid via an ECN). The double-counting on NASDAQ means that on other exchanges, those 5,000 shares would not be counted until they had been resold by the MM (specialist) to somebody else. It is true that volume on NASDAQ is double-counted relative to other exchanges because it counts both sides of a trade. But it is not accurate to count the down volume for a time period and then divide it by half to determine the actual number of shares that were sold by investors. Personally, I prefer the way NASDAQ measures trades because you get a better picture of whether the larger blocks are buys or sells.

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