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To: Mama Bear who wrote (7451)	6/29/1999 10:47:00 PM
From: Dako	Read Replies (1) \| Respond to of 20297

I follow you, MB, and to bear it out, you could certainly see the amount of stock ostensibly sold by H&Q today, often with a 100 share offering. But rather than focus on the constancy of the 100 share offering, my point should have been that ML never even sniffed the inside offer once today, at least since 11:15am. That seems artificial (at least from the retail side) given the recent prominence they have in the name. And they were generally at 1000 on the bid all day, sometimes on the inside number. And among MMs, H&Q and Piper frequently did quote 1000 share markets. Re. ECNs, I understand them (I do all my trading as one), and didn't see them entering into this segue, which if nothing else is some late night fun. By the way, any thoughts on the distinct departure by H&Q at 3:29?