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Technology Stocks : Zitel-ZITL What's Happening -- Ignore unavailable to you. Want to Upgrade?

To: Michael who wrote (16599)	7/15/1998 12:20:00 PM
From: Marconi	Read Replies (1) \| Respond to of 18263

Hello Michael: July 15 I-trader tape for ZITL (excludes first and last 15 minutes of day's trades) 10K share trades or larger Trades through 10 a.m. EDT 8-9/16 11.7K 8-1/2 698.8 10.2 45.7 10.4 10 8-15/32 35.2 14.5 23.4 8-7/16 112 11.7 Trades 10 a.m. to noon 8-5/16 23.2K 8-9/32 16.4 10 8-1/4 11 8-1/8 17.1 8 10.8 7-13/16 11.1 7-23/32 10 7-5/8 11.9 14 7-9/16 11.6 11.5 12.7 It would seem the volume was fluffed the first hour of trading. Suggests MM pump and dump underway before quarterly report. I suspect day by day and week by week histogram of trade tick distributions would show high concentrations of 32's when the volume is up on no news -- reflecting the MM's working the market for what they can take. Anyone watching histograms of price movements for patterns of activity like this? Please tell us what you see. The MM's manipulations are not invisible -- the greed that prevails in their ranks would put them in the league of fluffing volume with little price change, or else running the rise if there is an increase in market orders. Both should breakout by histogram from the usual retail and minor institutional trading patterns, where transaction costs are more than a 32nd significant. Best regards, m