Christopher,
Thank you for bringing another articulate voice of intelligent, informed and objective opinions to this thread. I, for one, have found your posts on this as well as other threads highly informative and enjoyable.
I do take exceptions to the following point,
<<5. I find the obsession with marketmaker activity, both here and on other SI threads, highly amusing. What MM is on what bid, who is on the ask, etc...if you don't have experience in my business, there is no way you can appraise or evaluate marketmaker activity by staring at a level 2 screen all day.>>
I don't obsess about MM trading activities nor do I stare at a level 2 screen all day, but the trading activities displayed on the level 2 screen, along with detailed info on Instinet, have helped me a great deal in deciding upon entry and exit points. For example, if I see something like 1 1 6 6 with dominant mms like GSCO, MLCO and other lesser mms piling up on the ask continuously (even with downticks), with no change of momentum in sight, on an INTC level 2 screen, I certainly wouldn't rush to place my bid on INCA as yet.
One question: some of my mm friends like to hide behind INCA at times. Would the volumes created by those "hidden behind INCA" trades be counted toward the firm's trading volumes on the specific equities as reported to NASD?
Once again, I greatly enjoy your posts, and would like to thank you for taking your time to participate and to impart your valuable insight.
Kimberly |
