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Strategies & Market Trends : Three Amigos Stock Thread -- Ignore unavailable to you. Want to Upgrade?

To: Ditchdigger who wrote (14258)	3/3/1999 6:57:00 PM
From: Sergio H	Read Replies (1) \| Respond to of 29382

Ola DD...if you haven't already subscribed to this newsletter.....I highly recommend it. SMALL CAP EXPRESS @STOCKGROUP.COM for March 03, 1999 PUBLISHER: Marcus A. New (mailto:comments@stockgroup.com) The following is Stockgroup Interactive Media's daily market report on the small cap industry. This publication is a market commentary and is not to be construed as a source of buy or sell recommendations. For unsubscribe instructions please see the instruction at the bottom of this report. Daily Wrap Up ******************* Big Board stocks sank today as the market was shaken by a rise in long-term interest rates before the release coming this Friday of the key U.S. jobs data for February. The Dow was down by 85 points at one point in the session but rebounded to finish down by only 21.73 points to 9,275.88. The Nasdaq Composite closed up 6.17 points to 2,265.20 and the S&P 500 Index closed up 2.20 points to 1,227.70. The Russell 2000 closed down 2.48 points to 391.94 while the S&P 600 Small Cap index and the Wilshire Small Cap Index both finished down by 0.71 points to 160.03 and 564.55 respectively. The Individual Investors Small Cap 500 closed off 1.11 points to 172.53. In Toronto, the TSE 300 index closed down for the third consecutive day. The Oil & Gas sub-index was one of two which made gains, closing up 2.39%. The other sub with an increase was Merchandising, up by 0.12%. The Utilities sub took the biggest hit closing down 1.82%. The TSE 300 index was itself off by 44.85 points to close at 6,180.34. The ASE closed down 10.34 points to 1,889.15 and the VSE was down 2.68 points to 411.22. Gold had an increase of $0.30 per ounce to $288.30 for April contracts. Brent Crude Oil closed up $0.25 to $11.25 per barrel for April delivery and WTI closed up $0.42 per barrel to $12.93, the highest it has been for 1999. EXTRA! EXTRA! (Today's Feature Headlines) *************************************** 24/7 INTERNET TRADING MAY BE HERE BEFORE YOU KNOW IT By John Dawe This week Stock Exchanges and Markets on both sides of the 49th parallel entertained discussions which may ultimately lead to a twenty four hour a day, seven day a week trading regime becoming standard practice in North America. To the south, The Wall Street Journal reported that Instinet, a unit of British electronic information service Reuters Group PLC, has undertaken informal discussions with the National Association of Securities Dealers regarding creation of a system to centralize NASDAQ trading. Instinet currently operates the largest Electronic Communications Network (ECN) in the U.S. and trades approximately 15% of NASDAQ's volume. An ECN is a private trading network that is accessible by institutional traders and is open for business at all hours. Under the arrangement, Instinet would create a “consolidated limit-order book” for NASDAQ which would centralize customer buy and sell orders and process trades within pre-set price ranges. Instinet also revealed this week that it has had discussions with the NYSE aimed at developing a similar venture. Over the last year the NYSE has become increasingly concerned about the competition it is facing from the NASDAQ, which is home to many of the biggest, and highest profile technology and Internet issues. These discussions may be part of musing by the NYSE regarding extended trading hours and follow on the heels of similar overtures which have taken place directly between the Big Board and NASDAQ. Taken as a whole, they appear to indicate the beginning of a major change in direction for traditional trading markets in the U.S. To the north, reports have circulated that the Toronto Stock Exchange would follow any move by the NYSE to extend its trading hours and that the Montreal Exchange may also follow suit. Quoted in the National Post, Paul Bates, President and CEO of online broker Charles Schwab Canada Inc. and a governor of the TSE said, “I can see potentially the creation of virtual 24-hour trading. The issue is, how much of value is it and is there enough potential volume, with the associate fees that go with that volume, that makes it a viable proposition.” However, at present there do not appear to be any tangible plans underway for creation of a full-fledged electronic market to support round the clock trading on the Canadian senior markets. On the other hand however, there is an initiative in play that would see the creation of a national junior exchange under an electronic trading umbrella. This project is aimed at both rationalizing the small cap markets in Canada and creating a more efficient conduit for junior companies to migrate to the Canadian senior markets as they mature. The project is being championed by the Alberta Stock Exchange and Tom Cumming, ASE President and CEO, has reported that it has received initial support from The Toronto Stock Exchange, The Montreal Exchange and the premiere small cap market in Canada, The Vancouver Stock Exchange. Further news is expected regarding the viability of this arrangement as the plan goes forward for approval by the boards of the respective exchanges over the next two months. Although discussions on both sides of the border regarding creation of new cyber trading regimes are in their infancy, it is clear that the established stock exchanges and markets across North America have this on their ‘to do' lists for the near future. 24/7 trading is on its way and the only real question now is ‘how long will it take before it's complete?'. Just as with banking through automated teller machines, it's not hard to imagine that soon we will be startled to look back and remember that a few years ago we had to wait until ‘the market opened' in order to do a trade. To access reports relating to this story you may wish to try the following hyperlinks: cnnfn.com nationalpost.com siness&s3=news