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To: Sir Francis Drake who wrote (2340)	7/14/1999 11:49:00 AM
From: uclatrader	Read Replies (1) \| Respond to of 10027

i see what else r u playing now besides nite thanx shuo

To: Sir Francis Drake who wrote (2340)	7/14/1999 11:50:00 AM
From: GS_Wall Street	Read Replies (2) \| Respond to of 10027

"MMs don't just "execute" trades. They make money and trade for their own account. All MMs short and go long as they see fit." this statement is not really accurate. In the past the MM attempted to be neutral at the end of the day ie not long or short. They would make money intraday based on the spread. Typically in their own accounts they need to see a stable price to make money. With Intranet stocks MM would stand back and let the public/day traders move the stock, then they would step in with size i.e.(customer orders behind them) to take a position. Nite itself is using complex models to determine when to build an inventory. This is actually a new concept to the MM community. I like to compare traditional MM to the house in Vegas. They make money on volume being the house, they do not need to play the market to make money.