For every two-dimensional random walk on the square lattice$Z$^{2}having zero mean and finite variance we obtain fine asymptotic estimates of the probability that the walk hits the negative real line for the first time at a site ($s$,0), when it is started at a site far from both (0,$s$) and the origin.

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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.

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