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

To: GraceZ who wrote (4639)	10/4/1999 12:54:00 PM
From: E. Davies	Read Replies (3) \| Respond to of 18137

She says the opposite of your statement, that she is required by Nasdaq to honor all orders placed Yet another proof to my theory that the MM's themselves do not realize how much they control the market, nor how much of a huge advantage is given them by the rules. Unlike any other person offering to buy or sell, the MM has time to decide whether or not he will choose to fill an order or pull his bid. True, first they have to fill the 100 shares they offer (big deal). During that time he can watch how many orders are piling up and how desperately the traders are going around him to get trades on the ecn's. I'm not claiming they are deliberately manipulative- only that they often interfere in the natural flow of the market rather than help it. Eric PS: Just had a situation where NITE raised a bit to 11 3/4 (100 shares). I immediately sent them a sell order for 1000 shares. What happened? 100 shares traded at 11 3/4 (not mine it turns out) and NITE dropped the bid to 11 5/8. They then posted my sell on the ask @ 11 3/4 for 1000 shares. You think they would have pulled the bid on a 100 share order if I had not put in my 1000 share sell? No way.