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To: Gary Korn who wrote (5262)10/22/1999 2:52:00 AM
From: Herschel Rubin  Read Replies (2) | Respond to of 10027
 
Gary,

Nice sleuth work! It sure looks like the Autex data confirms what the guy said about rotation into small-caps. Whether it was a one-day rotation, or a secular trend beginning remains to be seen, but it is indeed encouraging. (As I've said before, the trading volume environment 'can turn on a dime' and change the landscape for NITE dramatically).

Incidentally, the marked decline in number of issues in which trades were made occurred for all MMs. It makes me think there is some sort of error in the number.

Or it could be a rotation into the LARGEST of the small caps, at the expense of the penny stocks that people are not as apt to wade into during these times.