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

To: TraderAlan who wrote (12988)	5/15/2001 9:53:26 PM
From: LPS5	Respond to of 18137

Alan - Yeah - that's exactly what I meant. To hear portfolio managers speak, their perception is at that liquidity is gone. What I see, though, is that all the shares are still there, it's just the velocity at which they move, and how they distribute themselves, that has made it harder to work large orders. When increments went from 1/8s to 1/16s, the average size of an execution went from roughly 1200 shares to about 600 shares; now, that didn't then - and doesn't now - mean that those shares are gone. It merely means that they're spread out over more levels, and can get pulled up or pushed down a few levels, or aggregated at one level - very quickly. LPS5