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Biotech / Medical : VVUS: VIVUS INC. (NASDAQ)
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To: Stephen O'Hara who wrote (12840)8/6/1998 11:22:00 PM
From: VLAD  Read Replies (2) of 23519
 
Steve,

You need a level II screen which shows the market makers but most of the time it really doesn't tell you who is doing what.

For example you don't know for sure if the mm on the inside of the bid is buying or covering and if the mm on the inside of the ask is selling or shortin. Then there are ECN participants such as Island or INCA that tell you nothing as to who is actually using the system.
For example, let's say that Merill wants to buy shares at a lower price, he can be on the inside ask making everyone think he is selling. He can then cut in front of whoever is on the inside bid by using Island or INCA and increasing the bid by 1/32. So he is really buying when he wants you to think he is selling. Then there is Selectnet which really makes the NASDAQ a scam. The market makers can trade shares amongst themselves outside the market by broadcasting their bids and asks on this system.

BTW Steve, a stock does not have to be over $5.00/share to be marginable.
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