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Non-Tech : Ashton Technology (ASTN) -- Ignore unavailable to you. Want to Upgrade?

To: M.R. Davis who wrote (3382)	2/23/2000 11:18:00 PM
From: Candle stick	Read Replies (1) \| Respond to of 4443

This is a must read about VWAP in the Wall Street Journal: Taken from a post I found on yahoo ASTN message board: I urge everyone to read the "Heard on the Street" column in today's Journal. This article explains how Merrill Lynch is marketing thier own Unit Investment Trusts for various industries to their many customers. The problem is that the market is front running them on the day prior to the beginning of the trust because Merrill must publish the targeted securites in their prospectus, well in advance. The end result has been that the stocks included in the UIT have seen significantly heavier volume and price rises immediately prior to the purchase (by Merrill) of the stocks to be in the trust. The article goes on to discuss the possible advantages and disadvantages of VWAP for Merrill and their customers. It does not mention ATG but so what! This is the most real to life, public illustration of and compelling validation for ATG's VWAP that you can read to date. There are billions of dollars at stake just in Merrill's own UIT's, think of the rest of the market. BD's and other retail houses will eventually use VWAP as a marketing tool in order to avoid the situation defined in this piece. Get it, read it, you'll be glad you did. Best to all longs, Jake