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

To: OZ who wrote (8439)	5/12/2000 12:22:00 AM
From: LPS5	Read Replies (1) \| Respond to of 18137

It could be any market entity (market maker, order entry firm, some hedge fund, etc.), really, but I think Mike really hit upon it earlier. Whoever it is, they're probably sitting on a large order and trying to figure out how to either (a) bid for it, or, if they have the order (b) how to work it. As you may recall from my messages on block trading, usually traders with experience in a particular stock (sometimes traders who trade only that issue) get institutionally-sized orders and know fairly well what it takes to goose the market. My thought is that someone going out on multiple ECN's (simultaneously, as you mentioned, which is easy to spot) is either not familiar with the stock they're testing the waters in OR are familiar with the stock but not sure exactly 'what's out there.' Being able to go out on several ECN's simultaneously would be fairly simple to code and wouldn't really require anything beyond subscriptions to those ECN's. LPS5