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To: Bart Jensen who wrote (542)	7/16/1998 7:40:00 PM
From: Tim J. Flick	Read Replies (1) \| Respond to of 655

INCA is an ECN know as instanet. This ecn is used my MM's, institutions, and really anybody that wants to direct order flow through them. However, it is usually used by institutional investors to buy or sell large amounts of stock. There are many reasons for this that I will not go into, but I hope this answered your question.

To: Bart Jensen who wrote (542)	7/17/1998 12:28:00 AM
From: Michael Turner	Respond to of 655

Because Instinet is used primarily by institutions, INCA unloading at the offer can be interpreted as institutional selling. A few key elements to consider when INCA or any market maker is at the inside quote repeatedly is: How many times has it been there today? How many shares are being offered out/bid for? Did the same pattern exist yesterday? The day before? Does the chart confirm that selling pressure is resisting upside movement, for example (if INCA or the MM is unloading on the offer), or causing downside movement? The answers to these questions should reveal what is really going on. For example, if INCA is at the bid, and has been there loading up for a day and a half...and the chart reveals above average volume with an ascending price pattern...you might consider buying in and staying long until INCA disappears from the bid and the stock begins to retrace. Michael Turner Author DayTrading into the Millennium tradersresource.com