MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 683.21

+0.2%

Jan 2 4:00 PM EST

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To: HairBall who wrote (42574)	3/8/2000 11:14:00 AM
From: Lee Lichterman III	Read Replies (3) of 99985

As you know, I am not used to watching this market during the day but I am seeing something interesting and am wondering if it is a glitch or what. I am using BlueJack's free island book and watching the waiting orders for some NASDAQ issues and in particular, BGEN is running out of bid orders with large air pockets between the bids. What happens here? Does the Market maker have to keep this smooth or when it hits these air pockets, will the price just start gapping down? I know you use Level 2 all the time so thought you would be the one to ask. I am also noticing that there are frequent disparities in teh OEX versus the SPX. ALmost like they are trying to keep the OEX up despite the rest of the market selling off in the SPX. At one point a few minutes ago the SPX was down 6 but teh OEX was down only one. It seems to have corrected for now but...... Most of the DOW stocks I was looking to buy yesterday are up. MRK, MCD JNJ etc. Too early to say it wasn't a technical bounce before teh next leg down, but it is giving some hope for a rotation into selling the high flying techs. The Chips are getting slammed but of course they could fall 50% and stil be over priced. <ggggg> Good Luck, Lee

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