Steve,
First let me thank you for all the educational posts on this board. The richness and constancy of quality ideas exchanged here never cease to impress me.
I have a few observations and questions, hope you can help:
1. I was watching BLSI trading activities on Monday, May 4 when it was rising in sympathy with ENMD. Around 3:50p or so, it was trading at 6 13/16 x 7/8, with Troster Singer alone on the offer. Suddenly, NITE raised the bid to 6 15/16, triggering a crossed inside quotes at 15/16 x 7/8. Needless to say, TSCO caved in and the stock ran all the way to 7 3/4 x 25/32 at the close. With all the ECNs in the market, I have seen locked inside quotes in heavily traded issues lately, but a crossed inside quotes during market hours is rare. Was NITE desperate to cover some short positions they incurred earlier or was NITE simply out for blood going after TSCO? I talked to some mms and their takes appear to be 50/50.
2. During IRSN's dip (it reached an intra-day high of 4 3/8 just shortly before) to 2 3/4 x 13/16 a little after 3 on Friday I chased NITE all the way from 2 13/16 to 2 15/16 and then to oblivion within one minute. I started by preferencing NITE at 2 13/16 for 5k, he backed away and moved the inside offer to 7/8; the same thing happened at 7/8. Finally, he gave me 3k at 15/16 and disappeared from the inside offer altogether. The stock quickly ran back to 3 7/16 x 1/2 when I took profit. In retrospect, it appeared that NITE was bluffing, hoping to buy shares cheaper as they really didn't have anything to sell at 2 13/16 or 7/8. I am also curious as to why they caved in and gave me 3k at 15/16 at all since I have a feeling he knew the stock was going to run right up anyway?
Interested in hearing your take on these. Also, even though I have accounts with Cybertrader, MB, Etrade, Datek and a full service broker, I am thinking about opening an account with Yamner. On days when I don't feel very clear-headed, I rely on my full-service broker to handle most of the executions for me, but they charge, even with my volume discount, about 2 to 3 times more than your company.
Keep up with the good work, and thanks.
Kimberly
|
