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

To: Mark Davis who wrote (8443)	5/12/2000 9:06:00 AM
From: LPS5	Respond to of 18137

Formerly, if I put bids out on ISLD, INCA, REDI and ARCA ten times, and the REDI and INCA bids got hit instantly (or more quickly) than the ISLD or ARCA bids, it would give me an inkling that an institution was letting go. If my ISLD and ARCA bids were hit instantly, I'd be inclined to think that it was retail online or daytrading sellers. But, because ECN's are now nearly universally accessible via direct access brokers and any number of price routing systems, this method of testing the waters is less reliable that it was in the past. You ask if a bid is posted and pulled quickly, how hittable it is. Well, how quick are your fingers? ;) The risk to those who spoof (not that I find anything wrong with that activity) is far less that they'll get hit by a fast-fingered trader as that they'll get swept by an automated program that may be set to wack all the bids it sees at the inside (or above a certain price) nearly instantaneously. LPS5