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

To: Matthew L. Jones who wrote (4573)	10/3/1999 6:20:00 AM
From: E. Davies	Read Replies (1) \| Respond to of 18137

ECN's were not there or lifing bids faster than I could place orders and MM's were not responding to SOES or Selectnet preferencing -- If I'd have had ARCA, I'd have broken even worst case. Why? ARCA won't route to the ECNs which are "not there" and will send it to the MM's who leave a bid up (often for only 100 shares) but refuse to respond to orders. The 30 seconds it waits for the MM to fill is an eternity. Someone is making trades on these stocks that move at light speed. I just would like to know how they are doing it. Goes back to my experience that the feed is actually behind the market. What happens if you place a ARCA order well below the current bid? Does it send to any ECN's at that price or does it only work the inside bid? Anyone know? I dont know of any execution system that will handle what we really want- which is a "get me out of here NOW" order<g>. I guess that would be a route to the best ECNs available and ignore the MM's. Would like someone to do that. Its amazing how many times the MM interferes with the proper functions of the market. Eric