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Strategies & Market Trends : From the Trading Desk

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To: steve goldman who wrote (3962)	12/13/1998 3:02:00 PM
From: bazooka	Read Replies (1) of 4969

Steve, a couple more questions reagrding the 198k MO trade on friday after the close plus some other miscellaneous stuff: >"My guess is that some block buyer arranged during the session a >trade with a block seller. They either did the whole piece (that is >crossed it at that bid price" in a sceneario like this what determines whether it shows up on the tape as a SELL (red) or a BUY (green)? i have often tried to make useful information of the color coding; is it the case that the color only indicates if it went off on the bid (red) or the ask (green) or does the color actually tell me whether it was being bought or sold? for example if i buy 5k on the bid, assuming that i am the only one bidding for the stock will it print as a buy (green) or as a sell (red) because someone neccesarily had to be selling at that price; or will both print. it seems to me that i have seen both scenarios occur. please also explain how whether or not the specialist is crossing or taking the contra side factors in to the print? will the specialist ever take stock between the spread or at the ask when i am selling; or is this only done when i am being crossed with another trader. i have always had trouble trying to find my print on the NYSE; and i have never been able to use color to determine where it was masked. >"or one of the parties worked the trade and then took the other side >in one shot after having done the other side throughout the session" what benefit would there be to the buyer of the stock to have another party accumulate it all day and then sell it as one big piece at the end of the day? wouldn't the accumulation during the day almost always ensure that the buyer would be paying a higher price then what he could have averaged had he accumulated it himself? or are we talking about minmizing the impact of large accumulation; because to accumulate unskillfully would move the market further than the buyer would want to pay? btw- do you have a link to the listed stock session that you did last week? regards, bazooka

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