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Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: TraderAlan who wrote (3949)	9/14/1999 9:32:00 AM
From: TraderAlan	Respond to of 18137

Now if this isn't the strangest piece of news today, I don't know what will be: CNBC (owned by GE) to buy 12.4% stake in Archipelago Stock Exchange, the Chicago-based electronic communications network (which filed on Aug 6 with the SEC to to operate as a 24-hour-a-day, seven-day-a-week electronic exchange for both Nasdaq and NYSE stocks); other owners include EGRP, GS, JPM, MER, and Instinet (wholly owned by Reuters).

To: TraderAlan who wrote (3949)	9/14/1999 8:04:00 PM
From: Mark Davis	Read Replies (2) \| Respond to of 18137

Here's something to get the room humming. I was watching today's IPO PPRO pretty closely, and the Island Book. In the middle of the fireworks (what else would you call the trading in IPO's these days?), some clowns post a stack of 10,000 share bids (like 5 deep) a bit out of the money. Now they lasted a very short time (maybe 2 seconds) and looked like the work of some automated program, but what the heck is that all about? What's the point, and do they think anyone with an IQ higher than the price of the stock believes the bids are for real? Theories welcome.