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Strategies & Market Trends : Stock Attack -- A Complete Analysis -- Ignore unavailable to you. Want to Upgrade?

To: adcpres who wrote (34805)	11/5/2000 1:12:54 PM
From: UnBelievable	Read Replies (1) \| Respond to of 42787

I Use Both E-Signal and Windows On Wall Street And get the LII from both. I have not been able to determine which offers may be short sales and which bids may be to cover. Short sales must be on an uptick so you can rule out certain sales as not being short but that doesn't mean all sales on the uptick are short. You can get a sense when there seems to be MM trading activity intended to raise the price of a stock but there are a variety of reasons why this may occur. MM's and some traders will be trading the stock long and short throughout the day. The designation of short sale is not necessary on some interactive trading systems (except if you are selling a security in which you have a long position (the system is able to identify the sale as short based on the traders open positions). All sales are also long or short relative to the account from which the transaction is being made. A simple example might be someone wishing to box a long position in one account by selling it short in another. Adding to that the fact that many transactions are components of a more complex trade involving derivatives and things can get pretty muddy. One way in which you may be able to get a sense of trader sentiment on a particular stock is to lock at the distribution of current open option positions. This information is available from a number of sources. This site provides that information as well as a max pain calculation. iqauto.com

To: adcpres who wrote (34805)	11/5/2000 8:39:45 PM
From: Jan Crawley	Respond to of 42787

Hi GH, You already know the answer that "players are only required to disclose their short interests on the monthly basis" therefore we(the public) can only get them once a month. However, one can obtain some incomplete info via the tape; I don't know much but this is what I do know: There are L1(r/t quotes), L2, and L3. L2 gives the r/t bid/ask prices and volumes from all market makers(such as Msdw) and Ecns(such as isld/redi)...and of course that L3 is more detailed with additional info such as "short" or "buy to cover"...coz the up-tick rule for the non-market makers shorting. However, because that you can't identify market-makers-shorts from L3..(plus the options(derivatives and boxing..etc), therefore the info is far from complete on a daily basis. I am sure that most of the brokers(brokerage houses) and all the big guys use L3 and are well equipped for down-loading all the r/t L3 trading info into better organized information...same as the daily charting services updating the charts following the tape. The L3 and related software needed is quite expensive and not at all cost-effective(and useful) for us, the average investors/traders.