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Strategies & Market Trends : Tech Stock Options
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To: Patrick Slevin who wrote (34434)1/29/1998 1:44:00 PM
From: Esteban  Read Replies (1) of 58727
 
Good points Patrick,

I agree that size is almost useless for ascertaining the strength or weakness of a stock price on the Nasdaq. You need level II to judge the true size of the bid or ask.

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.

Actually the new rules state that a MM is only required to fill a 100 share order, regardless of the number he advertises to buy or sell. I believe this is an attack on the SOES traders.

Esteban
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