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To: Ilaine who wrote (36071)	11/13/1998 12:46:00 AM
From: Lee Lichterman III	Respond to of 132070

After hours trading is usually pacific exchange and large investors on the floor. It can also be Foreign markets depending on what the stock is. You can view some trades an hour after market close and one hour before hand at quote.com. You can also view S&P futures trades there also 24 hours a day. Right now they are trading the December futures which is symbol SP8Z. As for the price being different at open than it closed, it all depends on the usual equation. Who is willing to pay how much for stock that someone is willing to let go for how much. A lot can happen between the time the market closes and the time it re opens. If we declared world war III right now, would you rush in to buy Yahoo at 180 tomorrow morning. Maybe you were trying to buy something right before the close because you thought it was a great bargain but then came home and looked at the news or a chart or something and decided you almost made a mistake and no longer want to buy it. Lee

To: Ilaine who wrote (36071)	11/13/1998 10:42:00 AM
From: Knighty Tin	Respond to of 132070

Coby, Good questions, all. 1. Stocks are traded after hours off the main sessions of the primary exchanges. This has always been true of the Pacific Coast exchange, where the NYSE closes at one in the afternoon. But now there are several minor exchanges and an electronic trading system available and there is no longer any restriction against dealers trading with major accounts. BTW, they will not let you and I play most of the time. Kind of destroys the concept about press releases after the close. At first, most of this trading was for program trades, but that is no longer the case. 2. The opening the next morning depends upon supply and demand that morning and is not based upon the close. If a stock closes at $50 and the lowest offering price the next morning is $51, the market buy orders will be executed at $51. 3. They are usually looking at the bid to offer on a quote machine, and, as that spread narrows, they can make a pretty good guess where the first trades will take place. You can get the bid and offers from many quote services, but the problem is whether they are up to date. I haven't found that of any value as there is no way to play when the stock is not open. 4. Surprising news, good or bad, often causes an imbalance of orders. If everyone wants to sell, the specialist will be overwhelmed, so he calls for a delay while he rounds up other buyers, lets the news settle and spin for awhile, and then decides where he can open the stock to attract enough buyers so he doesn't have to eat all the shares himself. When there is news pending, they often halt stocks until it is announced and disseminated, usually at the request of the company. MB