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To: JEFF CRYSTAL who wrote (1446)	9/8/1999 10:54:00 AM
From: Richard Estes	Read Replies (1) \| Respond to of 1551

That would have to fall to someone else. I see little value in level II. I start the case off by saying: No one knows if a trade is a buy or sell. No one knows if it is long or short. No one knows when an MM is acting on his own or for customers. The only thing that counts in a trade is price movement. The time spent trying to guess what might be happening can be be spent following price and less trying to guess why.

To: JEFF CRYSTAL who wrote (1446)	9/8/1999 4:05:00 PM
From: ynot	Respond to of 1551

jeff, i have thought hard about tracking mm activity, but have not devoted any time to it in my early observations at SI, in the penny stocks, knowing the MM activity apparently gave some of the more experienced traders a large edge in terms of understanding float availability once they thought the float was sucked up they bought more and price jumped causing the stock to get even wider attention, an so on JNOT was an extreme example of this where the SEC issued imbalance warnings during the day *OT* i am in the process of setting up MetaStock EOD and at a few suggestions from SI including twice from Richard, will give QuotesPlus a try, though if i could figure out how to fool metastock EOD into taking tick and MM data esignal would be tempting block buying is another thing to watch by MM by time of day imho i'm not sure if i could really add more than this to the discussion but may be able to dig up some information if it helps regards, ynot ;)