Sell/Buy Ratio

First Call/Thomson Financial Insiders' Chronicle, June 18, 2001

The Sell/Buy Ratio is a calculated number of traders for the NASDAQ and NYSE. The computations are based on a distinct number of buyers and sellers for any given week. We list the NASDAQ and NYSE separately as a ratio because of the unpredictability of overall market conditions with both exchanges.

The ratio is neither bearish nor a bullish sign of current market conditions relevant to the insiders. Trades where options are part of the transaction are only included in the sell portion of the ratio. Although an acquisition of options without disposing is considered a purchase, we do not include it as part of the buy portion of the ratio.

THE SELL:BUY RATIO
 NYSE
               Shares                             Value
 Week        Sell-Buy                          Sell-Buy
 6/18     145,792,775  -    1,434,642    $4,133,490,480  -   $29,655,650
 6/11      12,859,888  -    7,321,794      $334,453,400  -   $14,456,232
 6/04       3,161,590  -       11,556       $58,779,748  -      $267,486
 5/28       1,454,079  -      172,560       $53,610,035  -    $1,508,887
 5/21     326,228,426  -   41,448,695   $11,222,090,827  -  $751,819,390
TOTAL     489,496,758  -   50,389,247   $15,802,424,490  -  $797,707,645
NASDAQ
 6/18     948,520,890  -   85,289,611   $12,418,907,021  -  $247,709,882
 6/11      29,370,650  -    4,651,694      $720,802,805  -   $14,270,210
 6/04     195,022,142  -   24,206,751       $13,799,410  -    $4,918,526
 5/28      20,554,878  -  235,769,014      $496,509,234  -   $92,381,805
 5/21   2,145,312,364  -   48,460,134  $126,475,190,889  -  $190,021,905
TOTAL   3,338,780,924  -  398,377,204  $140,125,209,359  -  $549,302,328
 NYSE
           Traders      Ratio
 Week     Sell-Buy     Sell-Buy
 6/18     346 - 67      5.1:1
 6/11      54 - 21      2.5:1
 6/04      20 - 6       3.3:1
 5/28      30 - 17      1.7:1
 5/21     577 - 178     3.2:1
TOTAL    1,027 - 289    3.5:1
NASDAQ
 6/18     413 - 304     1.3:1
 6/11     72 - 104      0.6:1
 6/04      27 - 39      0.6:1
 5/28     70 - 116      0.6:1
 5/21     865 - 476     1.8:1
TOTAL   1,447 - 1,039   1.3:1