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Microcap & Penny Stocks : FRANKLIN TELECOM (FTEL) -- Ignore unavailable to you. Want to Upgrade?

To: Jack Sman who wrote (34468)	6/4/1998 6:49:00 AM
From: William Harvey	Respond to of 41046

Thanks, Jack and Cindy. We reversed the trend of the last couple days with 3:2 in favor of offer trades. In all, 107.9k/offer vs 67.1k/bid. Large blocks were another story: 5k/offer and 26.5k/bid (on 4 trades). I cannot explain how we remained unchanged on up volume except that maybe MMs employ the 'negative volume index' in their valuations: 'Negative volume index (NVI) is based on the theory that trading by unsophisticated investors occurs predominantly on days of high volume while sophisticated investors trade during quieter periods of declining volume. Thus, a negative change in volume reflects buying and selling of stocks by those "in the know".' Strong support at the 1,000 share level combined with big blocks, only at the bid, indicate that this is a toss-up between those 'in the know' and those that want to be where the action is. We know that the preferred holders are ready to convert about 1.8M shares if they want. They probably want to be where the other institutions are, too. WH