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Non-Tech : Meet Gene, a NASDAQ Market Maker
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To: gene_the_mm who wrote (1116)9/27/2000 11:45:13 PM
From: smchan  Read Replies (1) of 1426
 
I am assuming that AUTO-EX is automatic (computer) order execution when you hit the ask (bid) on buys (sells) ? I've noticed that on E*TRADE (who uses NITE), I can get a fill on a momentum stock if I hit the ask, whereas I couldn't get a fill via AB Watley or some other direct access broker under the same conditions. My guess was the computer at NITE was filling my order whereas the MM I hit from AB Watley was saying "forget it, bud... this stock is moving" and he was just letting his offer hang out for as long as the SOES rule would allow. The ECN's, of course, have long moved.

Of course, I don't try to scalp with E*TRADE... it's just an observation. (By no means play momentum scalps with web based brokers... in case someone out there is actually considering it.)

Sam
PS I mostly lurk. In fact, I think this is my first post to this thread, but I do enjoy it. Thanks, Gene, for taking the time to keep us educated!
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