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To: Henry Niman who wrote (12045)	12/4/1997 10:44:00 AM
From: celeryroot.com	Read Replies (2) \| Respond to of 32384

Henry, I do not need a lecture from a nyophte. I suggest you go to the library and get a basic book on how the markets work.

To: Henry Niman who wrote (12045)	12/4/1997 11:23:00 AM
From: Alper H.YUKSEL	Respond to of 32384

> Henry, I do not need a lecture from a nyophte. I suggest you go to the library and get a basic book on how the markets work. < I have tried to look up the meaning of the word 'nyophte' but failed to come up with the word. I think it was meant as 'neophyte'. I am sure, they've got also good Latin books or dictionaries in the library.

To: Henry Niman who wrote (12045)	12/4/1997 10:48:00 PM
From: Harrison Hickman	Respond to of 32384

Henry/Celeryroot/All: <<Eventually, every trade has a buyer and a seller. Sometimes MMs use inventory.>> For discussion's sake, let's stipulate these statements.* If so, how can "a buy" or "a sell" be assigned to individual reported trades, especially when (a) we (at least most of "we") are not aware of all underlying bids and asks available at any given time, and (b) there are multiple market makers (and thus inventories) for a stock? Since Henry still uses this terminology, I am still (sincerely) trying to understand how it can be done with accuracy. To paraphrase one of the Johnsons in Blazing Saddles, "Are we doing God's will, or are we just j------ off?" Harrison Hickman * For those who may not have seen earlier discussions, a variety of factors, mainly maintaining and adjusting inventory levels by the MMs and swaps among MMs, are at work on the OTC "market" on any given day. Some estimate these types of "trades" as high as something like 30-40% of OTC reported "volume." These "trades" have to be excluded to compared the OTC volumes with those from the NYSE. Celeryroot: Does this also mean that many reported OTC "trades" are not trades in the sense many probably think of the term, or do these just show up in the aggregated "volume"?