We introduce an Alexander polynomial for MOY graphs. For a framed trivalent MOY graph G, we refine the construction and obtain a framed ambient isotopy invariant \Delta(G,c)(t). The invariant \Delta(G,c)(t) satisfies a series of relations, which we call MOY type relations, and conversely these relations determine \Delta(G,c)(t). Using them we provide a graphical definition of the Alexander polynomial of a link. Finally, we discuss some properties and applications of our invariants.

NRODUCTION LET y be a rectifiable Jordan curve in three-dimensional euclidean space. Answering an old question, whether y can bound a surface with minimal area, Douglas [l I] and Rad6 [45](independently) found a minimal surface spanning y which is parametrized by the disk. This minimal surface has minimal area among all Lipschitz maps from the disk into R3 which span y. The question whether this solution has branch points or not was finally settled by Osserman [42], who proved that there are no interior true branch points, and by Gulliver [lS], who proved that there are no interior false branch points.

Based on work of Rasmussen [Ras03], we construct a concordance invariant associated to the knot Floer complex, and exhibit examples in which this invariant gives arbitrarily better bounds on the 4-ball genus than the Ozsv ́ath-Szab ́o τ invariant.

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