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To: David E. Taylor who wrote (43378)	6/1/2000 3:49:00 PM
From: mr.mark	Read Replies (1) \| Respond to of 45548

"since the pre-IPO run-up" ah, those were the days, my friend

To: David E. Taylor who wrote (43378)	6/1/2000 8:45:00 PM
From: Mang Cheng	Respond to of 45548

Summer rally is on ! Just in time for our distribution ! Thursday June 01, 2000 (4:53 pm ET) "Profit-Taking Pressures Building" By Paul Cherney, S&P Market Analyst NEW YORK, Jun. 01 (Standard & Poor's) - Profit-taking pressures are rising. The NASDAQ is up almost 18% from its low print of 5/24/00. We could see a market friendly employment report tomorrow which causes a jump in prices at the open, followed by a move to book profits because the markets seem to have already discounted some degree of "good" news in Friday's employment report already. A friendly employment report could create a "sell the news" event. This is the summer rally. As the next few trade days unfold, the breadth of participation should offer some guidance as to how far prices can move. It already appears to me that my NASDAQ projection range of 3650-3860 (with a focus of 3690-3730) may have been too conservative. There is a very good possibility that we may have seen the low for the year in the equity markets. I took the time to look at price action leading into the Fed's last rate hike during the '94-'95 series of rate hikes. The NASDAQ bottomed on the 37th trade day prior to the final rate hike. Confused by this phenomenon? Don't be. Markets discount the future. That means that they try to anticipate what will be affecting prices in the weeks ahead. Once market players catch a whiff of a future development, they decide whether that event will move prices higher or lower and then they either buy or sell ahead of the actual event. By the time the event occurs, markets often move in exactly the opposite direction that a rational mind might think appropriate, that's because the collective anticipation (and speculation) of the markets has already reacted to the event in the weeks leading up to it. (That's why there is a possibility that a friendly employment report on Friday could see a jump in prices at the open but then a reversal in profit-taking. Immediate NASDAQ resistance is 3611-3730 (focus 3690-3730). NASDAQ support is 3547-3514.50. personalwealth.com Mang Immediate S&P 500 resistance is 1450-1482 with a focus 1456-1470. Immediate support is 1434-1419.

To: David E. Taylor who wrote (43378)	6/2/2000 2:36:00 AM
From: shrpblnd	Read Replies (1) \| Respond to of 45548

David, I have always taken the info at Thomson's with doubts. Much of this information was discussed on another board, although I don't remember the original author: (1) The primary driver for their graph comes from Autex, a Thompson Financial Services Product. (2) Autex is an intra-broker advertising system. It allows Broker/Dealers to indicate Buy or Sell "advertisements" to other Autex owners. (3) They ARE NOT firm bids or offers like they are in Instinet. They are only advertisements of interest. (4) The advertiser, if they want, can show bids/offers of over 50,000 shares in a separate window called "Supers." (5) MANY firms use Autex as a smoke screen. IF I was a size seller I may post a size BUYER to determine if other sellers are outside of me. When other sellers call me I could just say sorry that's an old message. I cleaned up my buy side a few minutes ago. Then I sell like Hell knowing another large seller is out there also. (6) MANY firms use AUTEX as a means to drum up business. On a Up day buyers are looking for stock. I could post in Autex as a seller, almost guaranteeing a call (even though I have no stock to sell). I tell the caller "I just cleaned up my seller. He's been reloading at 50,000 per clip. Let me work your order for a few minutes and get a hold of my seller." Then you shop the order like hell all over Wall Street and try to find a seller. It's called "getting involved" on the street. (7) Note that large Sell interests (Supers) were indicated again and again and the stock kept going up. This tells me somebody was posting as a size seller to fish out an order and that a large seller probably never existed. These are just my observations. Autex is NOT a firm Bid/Offer system. It is my experience that 70+% of the "advertisements" are actually people either fishing or actually working in the opposite direction of their advertisement and trying to find the competition. I would take the I-Watch data with a BIG grain of salt. I would go so far as to use it as a contra indicator. When it shows large sell, I would guess that 60-70% of the time it is actually better to buy. Also note that ALL of the indications are institutional. No retail order flow is advertised on Autex. -SharpBlond