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

To: marketbrief.com who wrote (4618)	10/3/1999 10:13:00 PM
From: marketbrief.com	Respond to of 18137

Tia O'Brien's article about the Expo... with a humorous look at Houtkin specifically... it's well written and insightful. upsidetoday.com ~Smart$

To: marketbrief.com who wrote (4618)	10/3/1999 10:44:00 PM
From: Mark Davis	Read Replies (2) \| Respond to of 18137

It occurs to me that much of the complaining about slippage and bad fills on Nasdaq overlooks a painful reality. There is NO LIQUIDITY at the margin on volatile stocks that are about to move one way or the other. None. If 20 of you are caught holding the bag on a screamer that is about to tank 3 points, you all can't get filled to the lone bidder for 100 shares. And the next floor down is half a point, and after a few hundred of those shares are hit, another 1/4 or 1/2, and so on. That's the game we are playing. When MM's quoted in 1000 share lot's and provided a bit of depth to the bid or offer, it was a tad easier. There were of course, wider inside spreads, and less competition from ECN's then I've made the point before, that be you should careful what you wish for. If the MM's go away completely, you won't want to be long and staring at the bottomless pit left on the bid in a fast decliner. Slippage? Try you've fallen and can't get up.