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Biotech / Medical : Biotech Lock-Up Expiration Hell Portfolio
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To: tuck who wrote (356)8/22/2001 5:28:09 PM
From: tom pope   of 1005
 
Tuck, sorry, checked SI too late, nothing visible now.
Even so, a MM working a large order will seldom show it, but will dangle out a partial and feed bids or offers as they come to his price. Just because only 500 shares are showing doesn't mean that there aren't 100 times that number behind it. (Unlike the NYSE where the specialist must show the total amount available to buy/for sale at the highest bid/lowest offer on his book - which doesn't help as much as it might seem - when the 100 shares at x are gone you may find there's an elephant like 50k on offer a penny higher.)
Some brokers allow you to play the game of not showing your real offer if they offer ARCA - you can show (say) 500 shares even tho you're trying to trade a lot more. May not really fool any one, but I like to use it in lower volume stocks.
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