Last week you described seeing a buy program kick in. How do you know when a buy program is initiated? (April 10, 2002)

  Many times in a dull market that is trending steadily in one direction you will suddenly see a spike in activity in the other direction. There are normally the usual bumps up or down in an intraday downtrend or uptrend, but when a big spike comes in from nowhere, that is something that indicates a possible buy or sell program. When we see that we take a look at sectors; are there certain sectors that are being bought? Are there certain baskets of stocks being bought, e.g., all Dow stocks, stocks of certain market caps? Are there lots of block trades on those stocks or sectors? We can look at our real time service to get these answers and we always give our brokers a call for any word they have and what they are seeing on the Bloomberg terminals. There is no reporting requirement for initiating a buy program; it is something you determine by the attributes the market is showing.

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