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Lazlo Birnyni's Money Flow is proprietary I believe. Its part of the
analytics built into The Bloomberg. It tracks volume of each trade done by
the Bid & Ask. It's not available on every stock as you can imagine the
daily database is huge!
Birnyni is also regular Forbes columnist and he mentions his results
frequently. Perhaps he has a web page?
cheers,
-----Original Message-----
From: Lionel Issen <lissen@xxxxxxxxxxxxxxxx>
To: metastock@xxxxxxxxxxxxx <metastock@xxxxxxxxxxxxx>; Rick Mortellra
<rmjapan@xxxxxxxxxxxxxxx>
Date: Wednesday, August 12, 1998 4:09 AM
Subject: Re: accumulation/distribution
>I haven't heard of Lazlo Birnyni's Money Flow, can you point me in the
>right direction to find out about it? Is it progammable in Metastock or
>Quotes Plus?
>
>Thanks for this informatiive posting. It confirms what I have heard over
>the years and then some.
>Lionel
>-----Original Message-----
>From: Rick Mortellra <rmjapan@xxxxxxxxxxxxxxx>
>To: MetaStock List <metastock@xxxxxxxxxxxxx>
>Date: Tuesday, August 11, 1998 3:02 AM
>Subject: Re: accumulation/distribution
>
>
>>Harley,
>>
>>To say that by watching prices all day from the comfort of your easy
chair,
>>even if they are in real time, you can discern what's going on behind the
>>trades is folly. It's like watching a poker game with all the players
>hidden
>>behind curtains. All you see are chips being moved around the table.
>>
>>As you alluded, about the only thing that can be seen is if the Bid or Ask
>>is being hit in size or not. While this may provide some gauge as to
Buying
>>and Selling pressure, you can never be sure what's causing it, i.e.
>customer
>>orders, offsetting orders due to options/futures activity, or just a
market
>>maker/specialist balancing his "book" or taking an outright stake in the
>>stock. Further, you can't even be sure the trade represents a single order
>>or several orders lumped together. Of course, exchange order tickets are
>>clearly marked Buy, Sell, Sell Short, but only the orders Floor Broker and
>>Specialist see it and it's not transmitted on the tape.
>>
>>That said, there is info that can be observed by the Floor Broker on who's
>>doing the buying and selling and at what size. This is the kind of
"inside"
>>info the Floor Broker passes back to his trading desk. This info, when put
>>together with tidbits gleaned from competitors, rumor and innuendo allows
a
>>trader to take a read on the tape and possibly gain some advantage. On the
>>NASDAQ, customer trading desks play cat & mouse all day long with market
>>makers. Good traders learn the "tells" in the voices of their
>counterparties
>>on the phones. It's something that can't be transmitted thru a computer
>>screen to your living room!
>>
>>That's why some institutional traders who "retire" to trade from home fail
>>miserably once they lose this insiders perspective. It's also why
>>institutions go to great lengths to disguise their trades. A good example
>is
>>the program trades we hear so much about. A broker will actually even pass
>>these massive orders thru his competitors to hide its intentions.
>>
>>Bottom line is that all these accumulation/distribution indicators (except
>>for perhaps Lazlo Birnyni's Money Flow) are basically just "fun with
>>numbers."
>>
>>regards,
>>Rick
>>
>>
>>
>>-----Original Message-----
>>From: Harley Meyer <meyer@xxxxxxxxxxx>
>>To: metastock@xxxxxxxxxxxxx <metastock@xxxxxxxxxxxxx>
>>Date: Tuesday, August 11, 1998 6:43 AM
>>Subject: Re: accumulation/distribution
>>
>>
>>>Al,
>>>After a few moments thought and with a little logic I think have the
>>>answer. First of all we know that when we place an order to short on the
>>>NYSE the pit knows if it is a sell or short. Otherwise there would be no
>>>waiting in the (short) queue for our trade to be executed.
>>>So if Merrill Lynch is the firm supporting the inside market their pit
>>>person would know.
>>>
>>>So this solves the NYSE question. The NASDAQ might be no different. Two
>>>experiences. I had placed an order to short on the inside market and the
>>>order was not taken by a buyer. I called Datek and the person explained
>>>two things: one that they didn't have to trade with on instinet and two
>>>that they might want to trade with because they didn't want me to short
>>>the stock. I didn't ask him how they knew I was shorting the stock. But
>>>on my statements when I have turned a trade from long to short or vice
>>>versa the shares on the transaction are generally split and the
>>>transactions occur at different times.
>>>
>>>Maybe some one else can shed some light on this as well.
>>>
>>>Harley
>>>
>>>Al Taglavore wrote:
>>>>
>>>> On a post of 8/8 in response to an inquiry from Michael, Harley Meyer
>>>> wrote:
>>>>
>>>> "......The large
>>>> interest who is supporting the market on the
>>>> inside is running low on resources and does not
>>>> want to spend those resources on some one shorting
>>>> the stock as opposed to eliminating someone who
>>>> already holds the stock and is going to sell it......"
>>>>
>>>> I have been reappraising the values that I place on volume, after
>>observing
>>>> that all volume "is not created equal". My question is how can those
>>>> supporting the market determines if someone is selling short or holding
>>the
>>>> actual stock?
>>>>
>>>> Al Taglavore
>>>
>>
>>
>>
>
>
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