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

To: E. Davies who wrote (4640)	10/4/1999 1:35:00 PM
From: Tai Jin	Read Replies (1) \| Respond to of 18137

I also see situations where a lone MM sitting at the bid or ask is slowly filling orders (maybe one every 15 seconds or so) while there is a huge pile up of orders. What do you think they're doing? Seems obvious to me that they're trying to stop the flow of the market or at least slow it down (presumably to protect their own position). They aren't providing liquidity since they're only filling a small fraction of the orders coming in. ...tai

To: E. Davies who wrote (4640)	10/4/1999 2:54:00 PM
From: GraceZ	Read Replies (1) \| Respond to of 18137

Eric- So let me get this straight....you have 1000 shares you want to sell...you see they are only filling 100 share orders and put all 1000 on one order and you are complaining that they moved the price? I dare say this doesn't happen with a big stock that has lot of liquidity, like Intel. The problem here is that you think that your order won't move the market in either direction. A MM that had to move a big block would always sell it in small equal portions throughout the day. What's a big block? Obviously, it depends on the stock. Like I said in my previous post these MMs got burned when the Nets fell all at once (they got caught short on the way up and long on the way down). The big swings in these low float jobs can work with you or against you, and they can work with or against the MM. Something my friend said after last December kind of stuck in my mind, that her firm was rethinking the idea of having a trading desk....reason, because it was changing from a profit center to an expense!

To: E. Davies who wrote (4640)	10/4/1999 7:32:00 PM
From: Threei	Read Replies (4) \| Respond to of 18137

Eric, NITE is huge MM with many traders placing and cancelling orders. It's not like single trader does all this stuff for NITE. Those orders you are referring to could be placed by different traders. Heck, I could have placed that order as NITE! In the course of this MM discussion you guys personalise things too much, IMHO. There are no evil MMtraders that are after you. They are traders, and they do their job. Yes, the purpose of their job is to make profit - but so is ours. Yes, they have more info and power comparing to us - well, this is the name of the game. Play by the rules or quit the game. Vadym