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Microcap & Penny Stocks : TASA. Can someone with KNOWLEDGE help!!!! -- Ignore unavailable to you. Want to Upgrade?

To: Ralph Bergmann who wrote (235)	3/19/1998 7:46:00 AM
From: Bob Davis	Read Replies (1) \| Respond to of 601

Ralph, Thanks for alerting me to a problem with my web site - there is at least one article, one about NASDAQ and how it "works", that you can no longer get to from the "TNL front page"..... I'll fix that ASAP! To explain the phenomenon in specific detail, when you bought the 1,000 shares of TASA at 15/16, if you bought it from your brokers "inventory", it would only count as one trade of 1,000 shares. If your broker had to buy it from a marketmaker before they could sell it to you, this would create a second trade, also for 1,000 shares. If your broker's MM had to go to another MM to buy those 1,000 shares, this would create a third trade, also for 1,000 shares. And if that other MM had to go to an investor to buy those 1,000 shares, this would create a fourth trade, also for 1,000 shares. So, your trade of 1,000 shares could have resulted in a total of 4 (or even more) trades, each of 1,000 shares, which would have been reported as a total of 4,000 shares traded. On AMEX and NYSE, only the specialist transaction is counted; in other words, if you buy 1,000 shares of KAB, VCR or MTY, it is reported as 1,000 shares traded. Since everyone is trying to make a little profit on all of these trades (not always successfully...), each of them probably would have been executed at prices other than 15/16. As CFO of a public company, I have had access to detailed trading records, and have been able to watch this process unfold. Sometimes this process takes seconds and sometimes it takes days. Bob Davis The Napeague Letter napeague.com