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Strategies & Market Trends : Trading For A Living
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To: Big Dog who wrote (11)5/20/1998 10:14:00 PM
From: Carl van Rooyen  Read Replies (2) of 1729
 
Level II definitely turns on the lights. I still have some questions about using it, and I hope this forum is appropriate to ask one or two.
Q: I keep an eye on RT news and when I see a stock with what appears to be good news, I'll watch it on Level II for a few minutes to see if it's well received. I look to catch a little pop if I get in quickly. This strategy works quite often, although I am not greedy, just a quick 10% is nice, in and out. Now here's the question...immediately after news breaks I have noticed, especially on slower moving stocks, a large buy
(say 10 or 20K) at the ask while the 3 or 4 MMs at the front of the line on that price are offering 500 or 1000 each . But nothing changes. A big jump in volume on the ask yet no movement in the lineup. Is this a MM ploy? I'm sure it's not institutional because these are micros. The one I watched today had so-so news, then a big buy, and then nothing. Not a single trade after (no suckers?), and nothing at all changed in the lineup. I got the feeling a MM was selling to himself. Is that paranoid? Don't they have to show the time of day if they change size or price? Any explanations?
Thanks for any clues. Hope this wasn't a stupid question.

Carl van Rooyen

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