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Strategies & Market Trends : Tech Stock Options
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To: Esteban who wrote (34430)1/29/1998 1:24:00 PM
From: Patrick Slevin  Read Replies (2) of 58727
 
Bid/Ask Size

It's slightly different on NASD. I noticed you said MM instead of Specialist so I'm not sure if you meant to only refer to listed or if you meant to include all stocks.

On NASD the best size is noted with the best bid. So if there are 3 MM's bidding 10.00 but one is on the box for 5000 and the other two are on for 1000 the size is shown as 5000.

Also, on NASD, all the size is telling you is that 5000 shares (for example) is all the MM is 'required' to take. If you want to smack him/her with 20,000 he is entitled to accept 5 and turn down the other 15.

This does not mean s/he won't take 20, just that s/he does not have to.

A MM can be on the box bidding 5000 for hours if s/he wants to, taking in many times that amount. Size is more of a reliable indicator on listed stock.
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