Meet Gene, a NASDAQ Market Maker Message Board

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Non-Tech : Meet Gene, a NASDAQ Market Maker

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To: Janice Shell who wrote (14)	7/26/2000 12:52:55 AM
From: LPS5	Read Replies (1) of 1426

Per my experience: I personally only watch the actions of wholesalers and ECN activity. In periods of high volatility, wholesalers are, in my opinion, more likely than not to be "real" - fielding lots of retail order flow - while such certainly isn't guaranteed. As for most of the other dealers, including the wirehouses, etc., because they make markets, trade on a purely proprietary basis, and fulfill the investment banking-generated obligations of trading (aftermarket support) - not to mention the fact that most of them have research components - I generally find them more unpredictable and therefore less advantageous to watch closely. Altogether, there are no cut-and-dried ways of reading the movements of dealers in Level II. Lots of generalizations can be made, though, and a specific dealer trading in a certain issue, over time, may exhibit certain characteristics that may underscore both the size and price of his inventory position in such issue. But anyone looking for hard and fast rules won't find any. LPS5

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