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: Petrol who wrote (1381)	3/6/2002 9:24:16 PM
From: gene_the_mm	Read Replies (1) of 1426

PETROL... (Better late then never with my response) That is exactly what those prints are - Prints out of range. Generally, they are B/D's who are correcting prints or mistakes - However we could speculate that sometimes they are something more dubious (like possibly a firm holding up a print so they dont get the momo guys running them over - this action is illegal as defined by the NASD). Sometimes these prints are just close enough to the inside market to set off stop orders (many ECN's nowadays allow for stop orders - I myself use them when things get really hectic). Is it intentional? Don't know... The craziest and most annoying thing is these futures programs that set-off stop orders and whipsaw them without mercy... I feel sorry for the NQ traders that are trying to tick trade -- seems like the scum in Chicago play some nasty games in the maxi pit and whip the stuffing out of the poor day trader sitting at home trying to trade the NQ's. I read recently about a guy that accidentally hit a program up 80 points out of the market and set off thousands of stop-market orders. Do you believe that they made EVERY trade stand? I heard one poor guy had his stop 4 points out, set off his MARKET order and got filled 55 points higher!!! He had about 20 contracts and it's about $25 per contract per point. I think that is $27,500 of slippage - and the biggest loss he EVER took in his life on ONE trade. Even worse, the move was parabolic and came to rest well below where it started. SIGH My hat is off to them... Anyway, I don't disagree that prints out of range suck because it seems like they are purposely preventing fair dissemination of the market. Hope that helps. All the best, --Gene

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