Momentum Daytrading - Tricks of the Trade Message Board

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Strategies & Market Trends : Momentum Daytrading - Tricks of the Trade

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To: peter n matzke who wrote (1258)	7/15/1998 6:36:00 PM
From: Robert Graham	Read Replies (1) of 2120

Are you serious? Who do you think is taking the other side of your order with the illiquid stocks and the stocks that show illiquidity on one side during a falloff or a stiff runup? A market could not function without a MM. You must realize this despite your understandable distrust of MMs. I think we need here to separate their liquidity function which they do perform albeit rather selectively and their profit function which in many cases means aggressively pursue their self-interests. Some MMs manage to stay in that "grey area" of facilitating market activity, and others operate outside of this "grey area" through the obvious manipulation of prices. I do not think they are all bad on NASDAQ. But you know how I think we can tell which ones are aggressive? The MM on top that are taking most of the business. IMO they got there by managing to take some "shortcuts" along the way. In their current position, they use their "weight" in the market to push the smaller MMs around where the smaller MM have no choice but to fall in line. Bob Graham

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