The Sell:Buy Ratio

First Call/Thomson Financial Insiders' Chronicle, July 23, 2001

THE SELL:BUY RATIO (NYSE/NASDAQ)
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 donot include it as part of the buy portion of
the ratio.
                         Shares
        Week            Sell-Buy
NYSE
        7/23     118,907,747 -   4,012,704
        7/16      25,653,465 -  11,754,670
        7/09       2,736,579 -      69,248
        7/02      10,610,940 -     807,459
        6/25     701,188,857 -   6,257,628
        TOTAL    859,097,588 -  22,901,709
NASDAQ
        7/23     387,690,363 - 118,278,030
        7/16     114,229,196 -  12,721,095
        7/09       4,258,203 -  11,218,085
        7/02      28,143,854 -  97,486,321
        6/25     587,985,958 -  36,822,402
        TOTAL  2,070,828,464 - 361,815,544
                    Value                  Traders      Ratio
                   Sell-Buy               Sell-Buy     Sell-Buy
NYSE
         $3,101,691,037 -  $92,307,362    208 - 199       2.6:1
         $1,091,725,238 - $424,230,111    152 - 44        3.4:1
            $74,483,228 -   $1,146,663     28 - 12        2.3:1
           $446,152,297 -  $19,006,748    199 - 98        2.0:1
        $34,151,110,463 -  $16,823,186    413 - 22        1.0:1
        $38,865,162,263 - $553,514,070   1,080 - 285      3.7:1
NASDAQ
          5,706,001,361 -  397,651,852    662 - 204       3.2:1
         $2,629,032,475 -  $37,770,985    211 - 158       1.3:1
            $69,160,020 -  $17,743,962     35 - 39        0.8:1
           $937,302,153 -  $33,403,207    316 - 306       1.0:1
        $11,037,741,497 -  $69,504,520    811 - 177       4.5:1
        $32,798,144,527 - $803,784,408  2,448 - 1,188     2.0:1