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To: pater tenebrarum who wrote (84354)	3/22/2001 5:44:37 PM
From: Andrew G.	Read Replies (2) \| Respond to of 436258

Heinz: regarding programmed trading behind the move: biz.yahoo.com "While the late day rally in the shares was impressive, Briefing.com is skeptical as our sources on trading floors are indicating it was fueled by program trading and derivatives followed by a round of short covering (not a fundamental shift in sentiment as we would prefer to see). "

To: pater tenebrarum who wrote (84354)	3/22/2001 6:51:03 PM
From: GraceZ	Read Replies (2) \| Respond to of 436258

Price is more sensitive to certain kinds of buying and selling than it is to others. If you have a large block to sell you can keep the price from collapsing by throwing in small market orders to buy in between your block limit orders to sell. The money flow over all can be negative, the blocks can be negative, yet if the small orders are net in the price will hold up or rise. The inverse is true, the blocks and net money flow positive and the small orders take the price down with it. The biggest false assumption that people make about the market is that selling per se makes price decline and/or that buying makes it rise. Check out the MSFT chart on my site: members.home.net (You have to choose MSFT from the menu up at the top to display the chart) You can see how the blue (money flow) and green (block buying) has been positive for some time, yet price declined with the small and mid-size orders (white). What probably happened today was that those that were selling for profit (they shall remain nameless) threw in the towel because additional selling didn't result in further price concession. So then the price has to rise, it starts with covering, this then sucks up speculators as it ticks upwards. Large blocks that were trapped above then decide to place limit orders to sell.....they only want to sell if they can get their price, they aren't "get me out at any price sellers" that we saw in the small orders, so the price can hold up amazingly well even with net over all sellers.