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

To: August who wrote (4628)	10/4/1999 6:08:00 AM
From: E. Davies	Respond to of 18137

Hence, no more posting sell order below the MM's fake "best available bid". Not allowing "subscriber only" orders is not quite as bad as not being able to sell below the bid but it is a step in that direction. As long as there is a bid you will be able to target it with a public order routed to the ecn. This disallowing "subscriber only" orders is also only when the ecn has been shown to be liquid in that stock. Hopefully this will mean that the need for "subscriber only" orders will be less. Still, I agree that the whole process is absurd. There should simply be one central book where anything posted to it is required to be "real". That basic. Eric

To: August who wrote (4628)	10/4/1999 7:36:00 AM
From: Kimberly Lee	Respond to of 18137

Great post, August. <<Those who market order to sell at market open sold near $87 , the MM claimed to be on "Manual Execution" and could not get to the sell order until half an hour later >> that is a joke. MMs were "highfiving" each others throughout that day and into happy hours, during which at least 10 of them offer to buy me drinks. On usual trading days, I only get 1 or 2 offers like that during HH.

To: August who wrote (4628)	10/4/1999 8:37:00 AM
From: marketbrief.com	Respond to of 18137

hi August, 1/12/99 was an exceptional day for CMGI and the opening range is indeed remarkable... all I know is that 629,000 shares got done above 150; 588,600 shares between 154.25 and 149; and 354,000 shares between 154.25 and 139.38, all in the first fifteen minutes. I'm sure that there were many retail orders done in that range (the market orders to buy certainly were, probably matching most of the market orders to sell; we'll never know how many retail shorts were put on then). I have no idea how you would know that buyers "could have been easily accommodated by the willing sellers at $131"... that's just pure speculation unless you have access to that secret Central Limit Order Book in the Sky. Next time you see such "shenanigans," just step in there with your offer and join the "criminal class." ~Smart$