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Non-Tech : Bid /Ask Spreads - Market Manipulation
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To: modon who wrote (96)10/7/1996 11:47:00 PM
From: Ray Jensen   of 308
 
Greg, I use market orders when I have access to intraday charts and I know the real time quote and spread. This is especially true when the stock that I want to buy or sell is really on the move. I have tried limit orders on sells, and watched them sit there while the stock keeps ticking down. Often, when I really want to sell, every second can mean a half a point or more. I have sometimes had good luck with buying on the bid price when a stock is trading in a narrow intraday range, with little up / down motion. In that case, my risk of the price zooming up is not too great, and I can take my time with the buy. I put in my limit buy at the current bid. If I see that the stock is on a downtick, my order often gets hit by a market maker seller. I usually trade 1000 share blocks to make it more likely that some market maker will pick it up. You're one of the few who claims to have make trades between spreads. I know and have seen market makers in action and how they despise orders between the spread. In the current NASDAQ scheme, most market makers still follow semi-Mafia like rules with regards to orders between the spread. They don't usually touch them even if it means taking a hit on the buy or sell price for their client unless they have made some under the table deal with another buddy market maker. This is suppposed to be illegal, and even with the latest SEC rulings, it is still going on. So that leaves us hacks with eating the spread most of the time. So, I try to avoid stocks that have those ripoff spreads above half a point. Its a ruthless game some times! Ray J.
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