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Biotech / Medical : Biotech Derivatives

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To: keokalani'nui who wrote (547)	6/28/2003 1:52:32 AM
From: LLCF	Read Replies (2) of 555

Unfortunately I'm no longer trading options as a 'professional'. I have only occasional access to information from the trading floor. If one is trading actively and send orders directly to the floor, or trades on the floor, one can often find out who did the trade, and which side the traders were on vs the instigator of the trade. One thing I've found to be helpful and often accurate is where was the market before the trade, and where was the trade. In your example then lets say the puts were 2 5/8 bid 3 offer... a typical large trade [believe it or not] may see the market change to 3 bid 3 3/8 offer, and then the block of 500 hundred trade at say 3 1/4. What happened was the person with the axe to grind [supposedly acting on some knowlege] was clearly the buyer. When asking for 500, all the traders said no only 20 or 50 or whatever offered at 3 [original quote]. The broker goes back and forth and shops around looking for offers and may actually take much of the order down himself [sell the bulk]. Anyway, IMO the important info is gleaned by knowing what side the 'knower' is on. DAK

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