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To: Joseph Silent who wrote (2654)	7/21/1999 1:47:00 PM
From: Sir Francis Drake	Respond to of 10027

Joseph, I don't regard MF as a reliable guide to distribution patterns. The only way to make any type of conclusion (and even so, it is only a probability, not certainty), is by a careful examination of the LII data coupled with T&S. For stocks that I watch, I often print out both, and examine very carefully, in an attempt to match the LII and T&S. BTW, you should also print out the After Hours trades, as often big blocks trade in institutional exchanges. You can actually calculate MF by hand, so I don't look at the number in some abstract way, but try to see WHO is buying, and WHO is selling. Obviously, you can never be absolutely certain, but you have a reasonable approximation. Thus, if f.ex. I see MLCO on the bid a lot (like today), and then I see trades correlated, I can roughly calculate how much they are buying. And if f.ex. MASH is selling, I figure it is mostly retail (especially if block size of the sales correlated, is in the 100-200 share). Thus, after adding them all up, I can come up w/ my own picture of the situation: MF, distribution, and who the players are. Again, I must stress, it is all pretty speculative. Morgan