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To: Flagrante Delictu who wrote (11691)	11/25/1997 4:01:00 PM
From: tonyt	Respond to of 32384

> Is it possible that our move from $9.125 to over $18 & back to $12.50 could > be classified in such a manner? Anythings possible, but it sure looks that way. A lot of 25k trades (sells?) today.

To: Flagrante Delictu who wrote (11691)	11/25/1997 4:23:00 PM
From: Henry Niman	Respond to of 32384

Bernie, There is a fair amount of misrepresentation on the board AGAIN today. The large block swaps were already described. There was one 25K swap at 13 (the BUY) and 12 7/8 (the SELL): 207.183.153.206 A bit later a 25K SELL at 12 3/4 was paired with a 14K buy at 12 7/8: 207.183.153.206 Another swap occurred earlier in the day, which I didn't notice, but it was smaller than the two noted above. The larger sawps (involving 50K or 39K) are VERY easy to see on today's 1 minute chart at: fast.quote.com The price slide was due to retail selling. Big boy sells were offset by big boy buys.

To: Flagrante Delictu who wrote (11691)	11/25/1997 4:29:00 PM
From: tonyt	Respond to of 32384

If the 'big boys' are buying, why are they trying to catch a falling knife? I guess the 'big boys' aren't so smart after all (....or are they). Someone obviously disputes my observation that todays 25k blocks were sells. What's your take on todays action.

To: Flagrante Delictu who wrote (11691)	11/25/1997 4:38:00 PM
From: Henry Niman	Read Replies (1) \| Respond to of 32384

Bernie, The paired trades are easy to call. As can be seen on the intraday (1 minute) chart: fast.quote.com they occurred within 1 minute of each other. Hence the two 25s are represented by a single 50K bar and the price is listed as a verticle line between 13 (the full ask price) and 12 7/8 (the bid price). A bit later another single bar is listed as 39K and the price is a verticle line between 12 7/8 (the full ask price) and 12 3/4 (the bid price). I saw the tape. The 50K bar was two trades of 25 K each and the 39K bar was a sell of 25K at 12 3/4 and a 13.9K buy at 12 7/8. When the trades are at the full ask price, it's hard to argue that they are not buys, especially when a block of identical size is traded at the bid price within a few seconds. The price drops were characterized by a series of much smaller trades at the bid price.