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

To: Bilow who wrote (4069)	9/16/1999 8:53:00 AM
From: OZ	Read Replies (1) \| Respond to of 18137

CARL, Everytime I read one of your post, I am left with the feeling of "boy has he been holding back". Must be to busy counting his money. Quality Stuff. Good Luck, OZ

To: Bilow who wrote (4069)	9/16/1999 9:33:00 AM
From: Dan Clark	Read Replies (1) \| Respond to of 18137

Bilow, Great post! I use Level-2 and a direct-access broker also. One small clarification to the comment: "Direct access is not possible without having a level-2 screen. The reason is that you wouldn't know how to address the counterparty." Technically, you don't have to have Level-2 to access the ISLD book. This is available at www.island.com or in QCharts. Neither requires Level-2 access. Therefore, you could use a Direct Access broker and preference Island without a Level-2 screen. (Preferencing Island is my preferred option.) I think it is better to trade with Level-2 access when you use the Island book, but it is possible without Level-2. Good trading and regards, Dan.

To: Bilow who wrote (4069)	9/16/1999 6:21:00 PM
From: marketbrief.com	Read Replies (2) \| Respond to of 18137

hi carl, I have never used Level2, but since I started using Qcharts a few months ago I have had the opportunity to watch the ISLD book, and though I haven't watched it very closely I have one simple (-minded?) observation... when bids disappear from the book it is NOT a sign of weakness but strength; similarly when offers dry up it is a sign of weakness, not strength... I wish I had an example to share with the group... maybe I will in coming days. This is probably nothing new to Level2 players who are shaking their heads and saying "duh!" ;-0 ~Smart$

To: Bilow who wrote (4069)	9/16/1999 7:33:00 PM
From: Maarten Z	Read Replies (2) \| Respond to of 18137

Carl - another nice aspect to L2 I'm sure everyone will agree that executing against ISLD orders gives a trader the greatest speed. Just being able to see the ISLD orders and where they are (for entry and exit) is a great tool. However I like it to see the ARCA orders. When I see those chippies lined up on the best bid then you know that the stock is going up. By the very nature of being an "intuitive preferencing" (read:slow) order I believe that these orders are placed above the best ask inorder to get a quicker fill. MZ