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

To: Bilow who wrote (8182)	5/3/2000 5:10:00 PM
From: Dan Duchardt	Respond to of 18137

Carl, Of course what we currently have is small cap stocks with market makers present, but not actually providing shares during big price moves. You can say that again. Every once in a while I look carefully at the market in some of these stocks. I have found that if you eliminate the ECNs and the LPS5's "big five" wholesalers, spreads are often 10% of the best price or more. I once argued we needed MMs for those stocks. Now I really doubt it. The market is being made by the retail investor/trader, or by MMs/institutions using ECNs. They need no special status to trade that way. Dan