DAYTRADING Fundamentals Message Board

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Strategies & Market Trends : DAYTRADING Fundamentals

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To: TFF who wrote (5275)	11/9/1999 4:39:00 PM
From: E. Davies	Read Replies (2) of 18137

I've got a perfect example from today about the power of L2. In BEOS today between roughly 1:00 and 1:40 NITE decided to step in and try to stop the runup by sitting on the ask with 100 shares at 7 31/32 and taking in whatever buying came along. Just before 1:40 you could see that the sellers who were lined up at 8 right behind NITE decided to give up. The lineup behind him was very small. In addition the buyers started piling in at 7 7/8 and 7 15/16. At 1:45 NITE stepped out of the way. Seeing that one single move was a thoroughly obvious buy signal for anyone watching. You would never have known without L2 that a move in the ask from 7 31/32 to 8 was a major shift in the dynamics of the stock. The stock popped straight to 8 5/8 in a couple of minutes. Closed @15 1/2! Eric

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