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Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion.
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To: Richard Cunnning who wrote (16608)12/10/1999 9:26:00 PM
From: myturn  Read Replies (2) of 150070
 
Rich, it is a little difficult to explain it, but I will do my best.

Level II shows the line up of the Market Makers who are on the Bid/Ask.
MARKET MAKERS: These are the people who take your buy and sell orders and make a market in the stock.
It shows what time the Market put his Bid in and how many shares he/she is bidding for.
It shows the same on the Ask side.

Nine times out of ten, Level two will show the direction of the stock. Not always the case, but more times than not; if there are more Market Makers on the Bid, then the stock price will most likely go up.

I have only been using Level II for about 6 months. I am just getting used to the Market Maker nuisances on the OTC and NASDAQ.

I am not a veteran, but I believe you can almost pick up on a Market Maker Idiosnycracies on a stock you follow on a regular Basis.

I know you can usually tell which Market Maker is working for the company or the one who is selling stock.

I won't buy certain stocks on the BB level because I can tell which one is constantly dumping shares for someone. When I see those Market Makers on a Stock on the ASK; I won't touch it.

When I see a NEW Market Maker come in on a line up and he is only on the ASK; that is a major Red Flag that he has stock to sell for someone. If he is on the offer for any length of time; I am gone.

Do a search on Level II and you come up with all different types of Level II services you can get.

I used Etrade's Level II and it is free for me, because I trade so much during the course of the year. It is OK, but I hear many good things about a lot of other services.
I need to try a couple of other services soon.

I hope that helps.

Anyone want to add to it who could explain it better; the floor is yours.

Thank you!

Good Luck!

HAPPY HOLIDAYS!
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