To: Gerald L. Kerr who wrote (1754 ) 8/15/1998 8:49:00 AM From: Mike C2 Read Replies (1) | Respond to of 3458
5 hours Time&Sales 10-3: March of the little people Have spent quite a few hours charting 2/3 of yesterday's volume. Gosh, I hope this chart pastes ok. I can email you if you're interested and it doesn't format well. Very instructive. Very few large blocks after 10 and before 3pm. Someone got screwed on a sell out at 4.8125. Stock was never really below 4 7/8. Actually jumped 7/8 in about 5 minutes at 1:25 EDT. Chart is set up to look at number of entries per 100,000 shares traded. I did not try to screen out double reporting. Wanted to see what was behind the free fall there for a while. Seems like market makers took out everybody's stops between 6.5 and 4 7/8, but buying or short covering reversed the action in a big way. Anyone who cares to add to the discussion to help me understand market behavior is welcome. I was quite surprised to find that most of the volume was at 1000 shares or less. Volume CumVol Time time to open end _ mean # of <1 1 >1 >5 >10 (000s) (000s) EDT next100K price price trade entries trade vol in 1000s 0 0 10:01:57 1st last -0.625 size 100 100 10:07:36 0:05:39 7.69 7.375 -0.3125 1961 51 24 11 11 3 2 99.7 200 10:14:06 0:06:30 7.38 7.25 -0.125 1424 70 34 13 20 2 1 100.3 300 10:29:38 0:15:32 7.25 7.3125 0.0625 1413 71 26 20 23 2 0 100.7 401 11:04:03 0:34:25 7.31 7.5625 0.25 1865 54 22 15 12 4 1 100.7 501 11:31:59 0:27:56 7.56 7.3125 -0.25 1028 98 61 18 16 2 1 100.6 602 11:57:28 0:25:29 7.31 7.125 -0.1875 1105 91 43 28 17 2 1 99.3 701 12:24:51 0:27:23 7.12 7.03 -0.095 1805 55 18 12 19 6 0 100.4 802 12:38:30 0:13:39 7.03 7 -0.03 2335 43 14 8 13 7 1 99.9 902 12:51:30 0:13:00 7.00 6.78125 -0.21875 1189 84 42 18 20 4 0 101 1,003 13:05:43 0:14:13 6.78 6.375 -0.40625 1041 97 51 24 20 2 0 99.8 1,102 13:16:17 0:10:34 6.38 5.8125 -0.5625 978 102 60 20 21 1 0 100.1 1,202 13:20:21 0:04:04 5.81 5 -0.8125 936 107 60 27 17 3 0 100.3 1,303 13:23:15 0:02:54 5.00 5.125 0.125 1223 82 39 28 11 2 2 99.9 1,403 13:26:57 0:03:42 5.12 5.5 0.375 989 101 51 37 10 3 0 98.6 1,501 13:36:14 0:09:17 5.50 6.1875 0.6875 747 132 82 40 9 1 0 99.9 1,601 13:40:12 0:03:58 6.19 5.75 -0.4375 787 127 92 25 8 0 2 101 1,702 13:52:44 0:12:32 5.75 6.25 0.5 771 131 97 16 17 1 0 99.3 1,802 14:05:03 0:12:19 6.25 6.22 -0.03 946 105 60 28 15 1 1 100.5 1,902 14:37:31 0:32:28 6.22 6.25 0.03 1081 93 44 29 16 4 0 100 2,002 15:02:42 0:25:11 6.25 6.125 -0.125 1136 88 50 13 20 5 0 a 500 share sell was recorded at 4.8125 at 13:20:19 a 1000 share trade was recorded at 5.75 at 13:25:37