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To: gbh who wrote (5550)	11/4/1999 4:58:00 PM
From: Brasco One	Respond to of 10027

follow the blue line...volatility!! finance.yahoo.com^IXIC&d=1d

To: gbh who wrote (5550)	11/4/1999 6:27:00 PM
From: Gary Korn	Read Replies (1) \| Respond to of 10027

This explosion in Nasdaq/OTC volumes is almost unbelievable. Can it be sustained? If these volumes are maintained for the entire quarter, its not difficult to envision a Q1 type earnings number. And this may be a bit conservative. What is the consensus number for 4Q? Gary, 1. Don't forget that October was only slightly better than September, so 1/3 of the quarter has been restrained vis-a-vis spring 1999-like performance. 2. Also, OTC volumes are just now starting to accelerate. This is where the bigger spreads exist, and more money to NITE. Even yesterday, 11/3, was not as strong OTC-wise as I would have liked. Big volume on low-spread highly-liquid stocks doesn't always help that much, as much more of this gets matched off for free anyway. 3. The current First Call estimate for 4Q is 27 cents. In contrast, 1Q99 was 34 cents. Can 1Q numbers be reached? Simply in terms of volume, one would think so (see the numbers I've posted, October volume is already higher than any month in 1Q99). But look what good that comparison did for 3Q99. It didn't help at all. Also, the OTC volumes in October exceeded January, which is good, but such was also the case in 3Q99. Again, the comparison didn't help. In sum, I guess the big issues then are (1) volatility and (2) how much is NITE making per trade to date this quarter. If only we could get a better grasp on these data points! Gary Korn