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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: UnBelievable who wrote (38644)11/18/2000 8:45:13 PM
From: chic_hearne  Read Replies (1) of 436258
 
The major activity I saw was ramping the market with the futures and once the stocks started to go up large blocks started showing up on the ask.

IMHO, it's hard to make much out of bid/asks. I used to follow level II, but there's too many games being played to get any useful information. I've been a victim of the classic head fake too many times. I'd see Goldman positioning for half an hour like they have a major chunk of Cisco to unload and then all of a sudden they'd be on the bid buying in size and there'd be a major up move (or vice versa). Sometimes when I thought they were head faking, they weren't. You just never know what those guys are really up to as they toy with the daytraders while entering or exiting big positions. I think about 80-90% of the info on level II is complete garbage by the big firms. I even find Datek streamer more useful than level II. The tape doesn't lie but they sure as hell do on level II.
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