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

To: Mark Davis who wrote (3972)	9/14/1999 11:01:00 PM
From: Tai Jin	Respond to of 18137

Re: bogus bids on ISLD 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? This was discussed a few weeks back. Sometimes I see the market move up (away from the bid) and sometimes not. So I'm not sure they have much of an effect. You'd be surprised at the number of people with IQs lower than the stock price. ...tai

To: Mark Davis who wrote (3972)	9/15/1999 6:10:00 AM
From: Bilow	Respond to of 18137

Hi Mark Davis; Re the sudden appearance of 10,000 share bids on a stock... One of the things I have seen is a bunch of 1000 share bids suddenly appear in the ISLD book for a stock. I have seen these get filled, and slowly enough that it is clear that the person or people responsible wanted the fill. The only explanation I have for that is the supposition that there are some people out there who tell a group of people to make a certain trade. It could be a bunch of novices getting their instruction (but then why trade 1000 shares of INTC or MSFT?), or it could be several people trading for the benefit of the same account. I have heard something about this. You take a great trader, and get four other guys to follow him. He shouts out the orders, and all five guys do it at the same time. (Carl thinks that this would be a great opportunity to discover who had the fastest fingers.) The advantge is that there are more opportunities to try and get shares when it is time to enter or exit. I also suppose that they might be able to SOES over the 5 minute rule. (Or does it still apply? I always trade so small that it doesn't matter to me.) By the way, I've heard people say that SOES doesn't work. It works fine for me, the reason I prefer to use ISLD is that my commissions are less, and with SOES, I more or less have to give up the spread. SOESing works fine if you are early enough. It doesn't work too well when the stock is running hard against you. :) -- Carl