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Technology Stocks : Semi Equipment Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Gottfried who wrote (15175)	5/15/2004 1:51:19 PM
From: Donald Wennerstrom	Read Replies (4) \| Respond to of 95806

Gottfried, That is very interesting data, but I don't know exactly what it means in terms of sustained price movement, one way or the other. <<Some 53.7% of program trading was executed by firms for their clients, while 40.6% was done for their own accounts, or principal trading. An additional 5.7% was designated as customer facilitation, in which firms use principal positions to facilitate customer trades.>> I have never seen this type of data before, but the 40.6 percent for principle trading seems high to me - I would have expected less. One thing for sure, program trading has a big influence on the market - an influence that most individual investors probably don't understand very well. Don