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Strategies & Market Trends : Joe Copia's daytrades/investments and thoughts
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To: Jay Judell who wrote (18859)8/9/1999 12:54:00 PM
From: InOverMyHead  Read Replies (2) of 25711
 
I just look for how the MMs line themselves with their bid and ask prices. Determine how many MMs are supporting the current bid and how many MMs are creating resistance at the asking price. If you go back to that L2 for CDNO you will notice only 1 MM supporting the .065 bid price, but there is a wall of MMs creating a wall of resistance around .07. From that L2, one could have reasonably determined that the price was going down.

There is nothing exact or scientific about reading L2 screens. MMs change their prices all of the time. There are a lot of other factors involved than what I just explained to you.

IOMH
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