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Microcap & Penny Stocks : The Microcap Kitchen: Stocks 5¢ to $5
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To: Catfish who wrote (71172)1/30/2008 5:42:36 PM
From: rogerover  Read Replies (1) of 120415
 
Mostly trading through a couple of small market makers for many years, back when all OTCBB orders had to be called in on the phone by one MM to another. I learned by reading the tape that my own orders could be reported several different ways, and a single buy of mine might hit the tape several times as the shares wended their way from the seller to his MM, then from the other MM to mine, and then from my MM's "house account" to my personal account with my commission added into the per-share price that got reported on the tape. Even after years of this I would still occasionally be baffled by something, but could always call my guy to ask him to explain what had happened and reconcile it to what printed. I have also had situations with thinly traded micros where, for example, I personally sat there as the "best ask" (just minding my own business and trying to sell my stock) while people on SI complained that "the MMs are holding the stock down." Because my MMs were little tiny companies, other larger MMs like NITE would still get some brokerage firms' orders and would want to match our bid or ask to keep those firms' business and make a commission, so my little order might have a disproportionate effect on the price for a brief period.

These days, with the OTC-BB computerized and some brokerage firms giving EVERYBODY the ability to buy OTCBB or Pink Sheet stocks at the bid and sell at the ask, there's much more liquidity (on average) and better transparency. I can put in a bid online for 100,000 shares of LSKA at .011 and 3 seconds later, there it is posted. A lot of the weird things that used to happen frequently with unlisted stocks in the '90s don't occur as much anymore - but I can still identify them when I see them.
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