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

To: E. Davies who wrote (4625)	10/4/1999 1:11:00 AM
From: -	Read Replies (3) \| Respond to of 18137

Tony Oz asked me to pass some information along. Wisely;) he doesn't spend much time on Si, but he's somehow heard there was a question about Level III data: "You can get (subscribe) to Level III, which is nothing more than the INCA book for $200 a month. The guy to contact is Michael Williams or his Tech Guy, Keith LaFaver. They are at marketcompass.com " According to Tony, they can tell you more. This is of interest to me too, if you can really get at the Instinet book now via a browser (like the ISLD book), that's something I've wanted for years... -Steve

To: E. Davies who wrote (4625)	10/4/1999 12:21:00 PM
From: GraceZ	Read Replies (1) \| Respond to of 18137

The single biggest difference between a MM and the rest of us is that the MM is not required to actually fill whatever promise he makes. Eric- I have a close friend that is a Nasdaq Market Maker and I have put this question to her, whether or not a MM can manipulate the price up or down by throwing out a fake order. She says the opposite of your statement, that she is required by Nasdaq to honor all orders placed. Even when the bid/ask is crossed or locked. I asked if she puts out orders in order to fake the direction, she says..."its a poker game" (I'm assuming that you don't have to show your whole hand.) She said if she throws out an order to sell (to move the price lower) with the intention of buying then she can get hit by the traders....now she has to cover her short and still go after the stock for the client. This works great if every body jumped on the sell side, but backfires if no one takes the bait. I think that traders have a real hard time understanding just how much money MMs have at risk making a market in these low float, low volume stocks. Last Dec 1 when the bottom fell out of the Nets a guy on her desk lost over a million in one day!