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To: Gary Korn who wrote (3937)	9/14/1999 8:59:00 PM
From: gbh	Read Replies (2) \| Respond to of 10027

Gary, the selloff today at 3pm sharp was brutal. Almost 3M shares changed hands in the last hour. I watched 1M shares move in minutes at 3pm. MLCO was selling methodically all day until 3pm. Selling the stock down to 33 3/8, then letting it lift some, then selling again. Very orderly. Then at 3pm all hell breaks loose. Somebody wanted out of a big position very quickly. MLCO was still selling on the way down, but they quickly backed off the ask. The stock lifted in the last few minutes, mainly on ISLD (day trader) buying. Not exactly strength going into tomorrow. I'd expect the selling to continue in the morning. Chart support is at 30, and I'd guess a re-test is in store. I will be a buyer if we get there, then bounce up. If it breaks 30 on the downside, I may have seen enough for the time being... Gary

To: Gary Korn who wrote (3937)	9/14/1999 9:49:00 PM
From: gbh	Respond to of 10027

Datek, Island going to 12-hour day By Emily Church, CBS MarketWatch Last Update: 6:29 PM ET Sep 14, 1999 Also: NewsWatch NEW YORK (CBS.MW) -- Online trading firm Datek is rolling out a 12-hour trading day, starting on Wednesday. The announcement of an 8 a.m. to 8 p.m. Eastern trading day follows on the heels of Island ECN plans to stretch to the same 12-hour day. Datek is a majority owner in Island, the second largest electronic share trading network. "We're extremely excited about the pre-market 8-9:30 a.m. period," John Mullin, president of Datek Online Brokerage Services. "The market participants are there and actual customers are trading on ECNs... There's a lot of confusion in the Nasdaq market and I think this could actually help smooth out the open." Datek executes 20 percent of its daily transactions in the first hour of the trading day. The online brokerage was among the first to start offering retail investors expanded hours trading this summer by funneling trades to Island to 5:15 p.m. Eastern, an hour and 15 minutes after the New York close. Some 2 percent of Datek's daily volume, an average of 800-900 trades, stems from the after hours session. The volume has exceeded Datek's expectations, Mullin said. Meanwhile, Island ECN is also expanding to a 12-hour trading day Wednesday in a bid to increase the flow of orders to its electronic share-matching network. Island -- second only to Reuters-owned (RTRSY: news, msgs) Instinet -- will be accepting orders to buy and sell securities from 8 a.m. to 8 p.m. The ECN has been accepting orders from 8 a.m. to 5:15 p.m. for the two years. "We're pushing this back because subscribers are demanding it," President Matt Andresen said in an interview Monday. A large proportion of Island's order flow is believed to come from brokerages with substantial online account bases. The average order is for 350 shares -- another indication of Island's retail, or individual investor, focus. Datek Online -- Island's largest shareholder -- sends its after-hours orders to Island, as does TD Waterhouse (TWE: news, msgs) and two day-trading firms, CyberCorp and Tradescape. Ameritrade (AMTD: news, msgs) is still officially reviewing its after-hours plans, but the discount broker is believed to be moving toward a link with Island. Island is banking on its ECN heft to increase after-hours trading. Using the latest figures available, Island matched orders from 73 different brokerages Thursday for a total of 2.3 million shares matched on its system. Island accounts for 11.5 percent of Nasdaq transactions, and Instinet accounts for 13.2 percent, Andresen said, citing a National Association of Securities Dealers market study. Island has filed with the Securities and Exchange Commission to become a stock exchange. The request, filed this summer, is pending.