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To: Shack who wrote (90417)	4/5/2001 12:46:41 PM
From: TheStockFairy	Respond to of 436258

Yes, that is generally the case, but it isn't a good indication of a supply demand imbalance.

To: Shack who wrote (90417)	4/5/2001 2:26:39 PM
From: GraceZ	Respond to of 436258

The ECN books can be deceptive. The public tends to sell on the way up out of a trough, thinking they can buy back on a pull back, or thinking they will swear off stocks altogether if they can just get a little more even. This selling strategy works rather well on the downside as long as you keep making fresh new lows, at some point it stops working but you have no way of knowing when that it is happening while it is happening. This is where they find themselves waiting for a pull back that never comes. Then they either buy something else or buy back in higher or throw the towel in altogether and become bears for life. OTOH the institutions were buying heavily in the beaten down tech high flyers a few days ago while the public was puking up their stock and taking the price with them. The institutions have done this several times already during this correction, so you can't take this as a sign of reversal. When it comes to panic selling the public has nothing on a money manager with a couple million shares trapped above.