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To: Jon Klaus who wrote (937)	4/29/1998 6:20:00 PM
From: Leroyt	Read Replies (1) \| Respond to of 4230

Jon, I use that same reference for trade reports on stocks. On thing that has confused me is that normal trades are reported in lots of 100. But, after hours trades seem to be reported in the total number of shares. 20,000 shares at $1.20. But in lots of 100 that would be 2,000,000 shares. Any thoughts or comments? thanks and later, leroyt

To: Jon Klaus who wrote (937)	4/29/1998 7:21:00 PM
From: david james	Read Replies (3) \| Respond to of 4230

Quote.com from what I have been told, does not show Instinet trades or other after hour trades. Those trades that are registered after 4 p.m. appear to be the MMs settling their books at the end of the day. Some days, like today, at the close an MM may pick up the limit orders that are outstanding. It appears, for example, that one of the MMs picked up 20,000 available shares at $1.20 right at the close - although it took a few minutes to register. Sometimes these trades are labeled "late" and may have occured anytime earlier in the day. The Market Makers are certainly playing this one though - and one should be careful in assuming that any particular trade is a real trade. Could be that less than a fifth of todays volume was "real". Check out HCCA sometime. That's a worthless company that doesn't really do anything (in my opinion), but trades millions of shares on any given day - and did so all the way down from 60 cents to 1 cent (as the company dumped 300 million shares). This artificial volume can mask the real movement of large blocks of stock - and can be a danger signal that stock is being dumped. However, other than the difficulty in checking out their real business in Mexico, the company does on the surface appear to be for real. They've certainly fooled a bunch of newsletters if they've mislead people with their earnings and/or the number of outstanding shares. Certainly some odd trading going on here. David P.S. the quote.com site shows the size of trades and the size of the bid and ask in shares - not in blocks of 100