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Strategies & Market Trends : Roger's 1997 Short Picks
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To: CalculatedRisk who wrote (6527)11/5/1997 6:14:00 PM
From: Pancho Villa   of 9285
 
CR:>>ACLY - excellent price! It looks like the sector is starting to collapse <<

yeah! I had a fist fight with the market makers this morning. It went as follows (roughly). I use the rudimentary real time nasdaq quotes that Zacks provides with their subcription. Don't recall the bid but around 10 AM the ask was 221/2 placed two orders one at 225/8 and another at 223/4 since I was not dying to complete the transaction
today. Immediately following my orders the ask went to 225/8, I cancelled my 221/2 order and replaced it with an order at 225/8, the ask then moved to 223/4. I thought I wont let this guys buy at 3/4 to then sell to me at 5/8, I cancelled my 225/8 order and moved it two 223/4. The result I had both orders executed at 223/4!

First time I try trading this way I usually just place an order at the ask. Was I capable to squeeze something out of the MM or am I imagining things?

Pancho

PS: I sleep very well at night. And will sleep even better in this crazy market with a reduced long exposure. I still have significant long exposure [I always will]

One more thing, I benefit from the ideas in the treath but I am responsible for my own research and trading. Every time I have naively believed there is an easy buck waiting for me I have been burnt.
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