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To: Judy who wrote (13595)	8/3/1998 12:57:00 AM
From: Robert Graham	Respond to of 42787

This supports what I have been seeing, and your comments about program trading being based on technical analysis I agree with in terms that both it is used in program trading and in a sense self-fulfilling. As a side note, it is interesting that the more I find out about institutions over time, the more I find there is technical analysis in use in one form or another by them. MMs use TA to manage their inventories, program traders use TA to manage their programs trades, which makes sense. I am sure managing the placing or extraction of large amounts of money involves some form of TA and tape reading. How else is this to be done? Of course as we both know this is not the only thing that matters for much more makes up the picture that needs to be developed in order to trade intelligently in the markets. But TA is definitely a part of what is used by the big money. Bob Graham