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

To: TraderAlan who wrote (12680)	4/9/2001 12:14:09 PM
From: Pierre	Read Replies (2) \| Respond to of 18137

Interesting (to me, at least) discussion with cybercorp rep this morning. I was complaining about a fill using their auto route system. I was advised that even though decimals are here, MM's will not respond to anything other than bid/ask in 16ths. Hence my order went to (and sat on) island at 11.38 while MM's were filling at 11.37. MM would not accept my bid since it wasn't 11.375. I've also noticed that my order screen, although it reads in pennies, converts the order to a fraction on the confirmation screen. Doesn't seem right to me. MMs should honor bids and asks in decimals regardless how they convert in fractions, shouldn't they? Pierre

To: TraderAlan who wrote (12680)	4/9/2001 1:47:39 PM
From: Dan Clark	Respond to of 18137

Alan, I think it will take a while for people to get used to decimals - not reading them, but trading them. They are much easier to simply read the price (IMO), but the price dynamics seem a bit different. From what I've seen, the "froth" around the bid/ask is a more pronounced than it used to be. Given the general market conditions and the newness of decimal prices, I'm doing what I normally do when I see a market that I don't understand - back off until I understand it better. I did it last March when the market started turning and it saved my hide. Regarding the intraday volatility, I'm not sure either. Good trading, Dan.