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To: Haim R. Branisteanu who wrote (128658)	10/11/2001 12:09:47 AM
From: John Pitera	Respond to of 436258

you know I'd expect the Money balances at Zero Maturity to be in a nice uptrend, as Investors have been increasing money market and other not security balances. Lots of QQQ's bought no down, it got the TICK up to +1000 as well, it looked like it was going to push the market higher. John

To: Haim R. Branisteanu who wrote (128658)	10/11/2001 12:24:20 AM
From: James F. Hopkins	Respond to of 436258

Haim; That sounds like some big trader "created" a batch of QQQs..( like If you have all the NDX stocks and want to dump some to buy a more select mix ) You put the amount of stocks needed on deposit that it takes to create some QQQs, dump the Qs and buy the select mix you want. It's a way some funds could adjust their holdings on the fly. On the other hand if you held enough Qs and were short certain stocks that did a fast rally you could cash in the Qs to get the stocks to cover. I suspect there are a lot of ways they use the Qs in respect to futures too. Futures spiked about the same time you saw that big change in volume. BTW the more Qs created ( the smaller the float gets of the underlining stocks ) When Qs are cashed in the float of stock increases. It might pay to keep up with just how many Qs are out at any one time. To some extent they create an effect similar to shorting or covering. This morning it looks like taht effect was one of covering even if that wasn't the intention. Today was a day that baffled even the NYSE floor traders; the conclusion was (after the fact) that some big pension fund was moving out of bonds and into stocks.. ( perhaps to get it done before the Fed sells 5yr bonds tomorrow ) Jim