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Strategies & Market Trends : TATRADER GIZZARD STUDY--Stocks 12.00 or Less..... -- Ignore unavailable to you. Want to Upgrade?

To: SIer formerly known as Joe B. who wrote (11891)	11/20/1999 1:00:00 AM
From: Mike Sawyer	Respond to of 59879

I don't know if you follow Level 2 much but the Market Maker, Fahnstock - FAHN, is known to be one of the biggest short firms on the NASD. I have learned to never go long when they are on the offer and to suspect a short covering when they are on the bid. Well, after watching level 2 several hours on SBAS over the last two days, it has led me to believe that there is a nice sized short position that should push this stock higher. Every time FAHN has jumped on the bid the stock has gone up and after they pull off it slips back a little. They appear to be slowly covering a short position. They only hit the bid with 100 shares showing but they seem to take in over 1,000 shares each time they get hit on it. And several times that they have been on the bid with 100 shares I have seen large blocks go across that don't mach any of the bidders sizes. I suspect that they might be going to FAHN or other short Market Makers. Twice today and once yesterday I saw FAHN hit the offer with 500 to sell like they were going to short it back down but they would jump off a few minutes later and show up on the bid again. Near the end of the day I saw FAHN hit the bid with 5,000 to buy...that was the largest they have showed up with on size. The stock moved up pretty good when this happened. I think that SBAS is going to go higher very soon...maybe higher that we even expect...I hope so. None the less...I did sell my position out at 2 1/2 near the close. FAHN pulled back off the bid and many MMs lined up on the offer with size to sell. I figured it could be just a shake out but I must always protect my profits. Since I can enter and exit a stock in seconds I decided to close the position and reenter under 2 3/8 or on the breakout of 2 5/8. I hope to be back in SBAS on Monday. <side note> Let me also add, for anybody that is looking for a VERY FAST and accurate eBroker, I have traded with eDreyfus ($15 trades) for a couple of months now and can honestly say that they are extremely fast and reliable. And their website is simple text without all the fluffed up java, frames and pics that slow the other sites down. When I want to trade I want to click a button and have a response in 2-3 seconds...not 20-30 seconds. Add to that the fact that they are paying my eSignal account $75 each month that I do 5 trades and you have a fantastic deal. Check them out... edreyfus.com and esignal.com You should call Jeff Crystal to discuss eSignal...800-287-9517 and tell him that Mark from the TATrader thread sent you. He'll take care of both of you that way. Cheers!