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To: Jon Koplik who wrote (15384)	9/23/1998 10:04:00 AM
From: Clarksterh	Respond to of 152472

OT - "More buyers than sellers" There is a sense in which this is true, and in the NASDAQ it is actually easy to explain: 1) Buyer wants buy 2000 shares company x and MM sells it to him. 2) MM now has a depleted inventory. If another buyer comes along before a seller, then he will probably be forced to raise his price in an attempt to entice a seller and discourage yet another buyer. Over large chunks of time the number of shares bought and sold are about the same, but over small periods of time it is indeed true that price movement is related to the number of buyers vs sellers. Similar, although different, scenarios exist in floor based exchanges. Hope this helps. Clark

To: Jon Koplik who wrote (15384)	9/23/1998 10:25:00 AM
From: DaveMG	Read Replies (4) \| Respond to of 152472

Jon, Tomorrow is ex-div right? You or anyone else have any guesses on where Q will open. dave

To: Jon Koplik who wrote (15384)	9/23/1998 10:59:00 AM
From: kech	Read Replies (2) \| Respond to of 152472

Jon- "more buyers than sellers". Let me take a shot at this conundrum. The confusion is that if the price of something is too low, then there are more buyers than sellers. This occurs until the price rises until it reaches the point at which there are the same number of buyers as sellers. At this point, trade takes place and there is a trade - and there is a buyer for every seller! This is known as the parable of the "Walrasian auctioneer" in setting prices. Be prepared for big yawn... More commonly this is known as the difference between equilibrium and disequilibrium from Econ 101. If one envisions a demand and supply curve crossing, then if the price is below the intersection point (equilibrium point), the price crosses the upward sloping supply curve further to the left on the x axis than it crosses the demand curve. This is a measure of the fact that there are fewer "sellers" than "buyers". Tom