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Non-Tech : eSignal (NYSE:IDC) -- Ignore unavailable to you. Want to Upgrade?

To: Spaw who wrote (157)	11/7/1999 11:42:00 PM
From: Lawrence Burg	Respond to of 3613

Thanks for the links Spaw, I'll check 'em out. Still getting my feet wet as to the most useful components of L2. I have seen the retail trading being more readable, as far as the size variations as trades go off. Either retail, or low volume issues. High volume, fast action, usually becomes useless, except for the up/downticks. One thing I learned 2 weeks ago was that any orders over 10,000 shares do not need to be shown at their full size, but can be "masked" by the MM representing your buy. Example...mind you, hype or endorsement is not intended :o)... I have an account w/Etrade. 2 weeks ago I placed a Limit GTC for 20K WWES up to 1 9/16, then trading @ 1 15/32 x 1 1/2. I received partial fills up to 1 9/16 through the closing bell, leaving 5,400 unfilled. When I checked L2, 54 did not appear anywhere. I called ETrade and they were unable to tell me who was marketing my shares, though they did explain the 10,000 rule I mentioned above. When I called prior to the opening bell the next day, I finally talked to someone who knew what the heck was goin' on. First off, he indicated my order was w/Herzog. Second, he informed me that since my order was over 10,000 shares, HRZG did not need to display the actual amount of shares bidding (mixed blessing, I suppose, but at the time, I wanted my interest to be shown). Since it was a partial fill on a GTC, that 54(00) was part of an original order over 10,000 shares and still didi not need to be displayed as 54 that (following) day. As a result, HRZG was showing 1(00). Lesson learned. Basically, only the little fish get their orders displayed to the world. The big guys can hide.