"Thomson I-Watch offers individual investors a window into the previously closed world of institutional trading. Before completing large block trades, "Big Money" traders express their interest by posting "advertising" buy or sell messages, revealing the short-term supply and demand for a particular stock."
They are merely indicating interest of a specific quantity at a specific price. If you have Level II, and you follow say MLCO on the bid and ask of CSCO, MLCO will show a size on the bid and ask at specific prices. MLCO won't tell you how much they are trading through the ECN's though (and alot of houses do exactly that).
In the I-Watch (which I personally find to be non-pertinent because of what it is - an indication) example with VXGN, some one was looking to see how much they could potentially buy without moving the price. If you read the tape, and my earlier post, I could make the case that the 100K interest went off in several small blocks of 5000 from about 3:39 until 4:00PM.
What you can infere from this is that even buying 100K of VXGN won't push the price higher under the current conditions - that is, there is a bigger seller or sellers that are NOT adbertising their desire to sell.
C. Fred Toney: Mr. Toney is the Managing Partner of the investment management firm MedCap Management and Research LLC, which he founded in 2001 and is the General Partner of MedCap Partners L.P., an investment fund focused on healthcare, life sciences and medical technology companies. Since 2001, he has also been co-founder and Chairman of RxList LLC, a company that owns and operates http://www.RxList.com, the largest, most widely used prescription drug database on the Internet. Previously, Mr. Toney was CEO, President & CFO of HealthCentral Corporation, a leading Internet provider of healthcare information and products to consumers and medical professionals. Prior to that, in 1992, Mr. Toney founded and formed the Life Sciences and Health Care Group at Pacific Growth Equities, Inc., an investment banking firm, where he was Senior Managing Director, Director of Research and Member of the Executive Committee. From 1989 to 1992, Mr. Toney was a research analyst with the equity research group of Volpe, Welty & Company, and he previously held positions at RCM Capital Management, Donaldson Lufkin & Jenrette and Pharmavite Pharmaceuticals. He currently serves on the board of directors of both public and private healthcare companies. Mr. Toney is a graduate of the University of California, Davis.