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Technology Stocks : Ascend Communications (ASND)
ASND 220.58+5.0%Dec 12 3:59 PM EST
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To: Harry Ehrlich who wrote (14303)9/24/1997 11:34:00 PM
From: Chi-X   of 61433
 
Hate to get involved in this non-ASND topic, but stops can be seen by MM's. To my knowledge, there is nothing illegal about MM's seeing the stops. I heard in some cases if they want to see them the software is out there, particlularly in the full Island system. I also heard that some stops are on system exclusive computers (brokers) and aren't generally available.

When you're in the trading pits, we regard quick and fast drops as the MM's dropping the bid to "take out the stops." Sometimes they save up the market sells and execute all the buys. In this case you'll see a stock gap up. Then, they'll short the stock and after that allow all the market sells to come in all at once causing the stock to crash down fast filling the gap. And if they have leftover sells, they drop it even further to take out the stop losses. This is why it's generally a bad idea to use market orders if you deal with a slow broker. Ideally, market orders should go through instantly but if there's a delay, likely there's some hanky panky going on.

This happens a lot in thinly traded stocks with only a few MM's. But with huge stocks like ASND with a bunch of MM's, these type of shenanegans are less likely to occur and delays are usually caused by the huge volume.


Cheers,
Chi-X hath Spoken!

CEO
Chi International
members.aol.com
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