DAYTRADING Fundamentals Message Board

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Strategies & Market Trends : DAYTRADING Fundamentals

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To: Eric P who wrote (1)	6/5/1999 11:53:00 PM
From: Bilow	of 18137

Hi Eric P; About those crossed markets... The worst I've seen (during trading hours) was the feeding frenzy when BNBN went public recently. The market was crossed by more than $1 off and on for 20 minutes. It was very hard to determine what a fair price was. The stock did an absolutely incredible amount of volume in that time. Some of my buddies were all hot to buy the stock at the IPO, and were putting out very high limit orders on their Schwab or Freeman Welwood accounts (MASH) about as fast as they could. I got it on the (ISLD) bid using ISLD, and tried to preference it out to MASH for the arbitrage, but I could never get a fill. So I ended up offering it back out on ISLD. I round tripped BNBN 39 times that day, which set a personal record... At that time, I did not have access to the INCA book, since my trading house didn't have a connection (except through the usual SelectNet that gets you to any market maker.) We added INCA direct connection this past week, and it has helped me a few times. (Great! another set of keys to remember how to press in a hurry!) We get charged 1 cent per share, but we avoid the SelectNet fees. I wonder now if I could have picked up those BNBN stick crosses using INCA... -- Carl

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