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Technology Stocks : Novell (NOVL) dirt cheap, good buy? -- Ignore unavailable to you. Want to Upgrade?

To: Spartex who wrote (20140)	2/13/1998 1:00:00 PM
From: Serendipity	Read Replies (1) \| Respond to of 42771

Hi Quad-K: Thank you for your posts... IMHO, it is difficult to to interpret MM's every action with certainty. Level II will help, but is no guarantee! To my knowledge, big institutional investors usually buy at the bid, because MM's work the market for big clients. Another consideration is the "late reporting" by MMs--after they move the Bid/ask-- to hide the true nature of a trade. Double reporting is another confusing part of OTC. Swaps, trades between the spread and "trade-boundling" need to be considered as well. As a general rule, I do not view a large block trade significant,if it DOES NOT move the bid/ask. The action is analogous to Stud Poker, where only INCOMPLETE--INFORMATION is available and lots of guess work is needed. Offerred for your consideration. I am sure there are others who know the "illusive" world of the market making better than I and will enlighten us. Thanks very much... ;-) Reagrds, Seren.

To: Spartex who wrote (20140)	2/13/1998 2:12:00 PM
From: Paul Fiondella	Respond to of 42771

Run-up to Earnings --- some revisions The run-up to earnings period was shorter than usual for the last report on 11/25. It started around 11/17 and was good for 1 1/4 pts. Prior quarters it has been earlier. This quarter now seems to fit the earlier ones. For example the 5/29 run-up was from 5/5-5/19 and was good for 1 1/2 pts. The 8/21 run-up ran from 8/8 - 8/13 and was good for 2 1/4 pts. It was also timed to a buy-out rumor. Using these approximations a pre-earnings run-up can begin two to three weeks before the report and last until a week before the report.