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Strategies & Market Trends : Level II Trading

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To: Joey who wrote (81)	2/5/1998 3:09:00 PM
From: Peter H. Hodge	of 1086

NASDAQ is not an auction market ala NYSE and AMEX. When you buy a NASDAQ stock you buy from the MM's inventory. When you buy stock on the listed exchange, the specialist matches the buyers and sellers together. If the MM on NASDAQ has no inventory, the MM can short it with the hopes they will be able to buy it back cheaper later in the day. Hope this helps.

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