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Technology Stocks : Ascend Communications (ASND) -- Ignore unavailable to you. Want to Upgrade?

To: username who wrote (28700)	12/26/1997 11:17:00 AM
From: Orhan Birol	Read Replies (1) \| Respond to of 61433

Pete & Gary, I hate to barge into your discussions on block-trades but contrary to what most think on the SI; there is no such thing as buy/sell block trade. All these trades are made within institutions bypassing the MM. Under the new rules, thanks to Arthur Levitt, even when you place an order between the bid and asked your b/a is reflected and you end up trading with another individual or an institution. If you want to watch the tape and see which way the stock is going immediately; just watch the consequently tradede 1000 share blocks. If there is 10 dealers offering stock @24 1/4, and they see 5 1000 share blocks traded one after the other; thinking they would be the next one to be hit, they will up their offer to 24 5/16. I hope this helps, Orhan

To: username who wrote (28700)	12/26/1997 12:04:00 PM
From: Gary Korn	Read Replies (1) \| Respond to of 61433

the official NASD definition of "block" is more than 10% of the daily volume averaged over the prior 10 days. I'm not looking at negotiations. Pete, Under this definition, you likely were right, not me. To be consistent with NASD definitions, maybe I shouldn't use the term "block." I'll just refer to, say, 20K+ trades (i.e., trades that a retail investor would not likely make). Anyway, I know you know that ownership of right/wrong isn't important here. (I'm wrong too many times, unfortunately). Through analysis, trial and error, we just hope to get smarter and maybe make some money! Happy New Year! Gary Korn