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Biotech / Medical : Ligand (LGND) Breakout! -- Ignore unavailable to you. Want to Upgrade?

To: aknahow who wrote (29032)	7/7/1999 3:26:00 AM
From: Cheryl Galt	Read Replies (1) \| Respond to of 32384

Hi George! Thanks for the feedback. I know several sites that track the volume of the day's large blocks, with 5000+ defining "large block." It's a good bet that "institutional" on the Thompson site has such a minimal criterion. But to be useful to me, "institution" would have to mean more than that. I emailed my question to them, and will report any response. --------------- I thought that Where'd he go made a good point. There is no necessary correlation between the pre-market "indications" of buy/sell interest and the eventual trades actually made that day. Regards, and Cheers! on your good fortune with XOMA Cheryl

To: aknahow who wrote (29032)	7/7/1999 5:54:00 PM
From: Cheryl Galt	Read Replies (2) \| Respond to of 32384

George, Here's the response from I-Watch, RE their connotation for the term "institutional." Dear Cheryl, We define institutional and retail as the following: Retail: A trade reported by a broker that primarily executes on behalf of retail investors. Trimark Knight and Charles Schwab's Mayer Schweitzer branch execute the bulk of the online retail trades, including both Charles Schwab and Datek. So, yes, your trades would be included in the retail section of the pie. Institutional: A trade reported by a major brokerage firm who typically trades on behalf of major mutual funds/portfolio managers. While these firms also have retail branches, the amount of trades reported on behalf of institutional investors dwarfs the limited amount of retail trades that get reported. When a broker acts on behalf of its own house accounts, as a market-maker, it is considered institutional activity. This is because when an institutional broker reports a trade to AutEx, it is impossible to tell whether this trade was executed on behalf of an institutional client of or on behalf of the firm's own house trading accounts. While trading patterns for trades executed on behalf of an institutional clients and those made for market maker purposes tend to differ, the fact that big money is behind the trades in both scenarios, means these investors/traders both have the ability to move markets. Thank you for your interest in Thomson I-Watch, Rebecca Lennon Senior Analyst Thomson I-Watch rlennon@thomsoninvest.net www.thomsoninvest.net/iwatch/ -----Original Message----- <snip header> (cheryl galt) sent the following Comments: How do you define "institutional?" When I buy my puny shares through Schwab or Datek, are they likely to register as "retail?"