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Strategies & Market Trends : Momentum Daytrading - Tricks of the Trade -- Ignore unavailable to you. Want to Upgrade?

To: Ken Wolff who wrote (207)	1/12/1998 8:53:00 PM
From: taLuis	Read Replies (1) \| Respond to of 2120

I was wondering if you knew this little tidbit on MM behavior I picked up from a day trader: When looking at Time & Sales, whenever you see block trades below the BID, it signals a swap between MMs and the likelihood that they will go long from that point. This typically occurs on the day's low. For example, on EFII a couple of weeks ago when the stock price dropped to $13 (12 15/16 x 13), some block trades (of 50K to 100K, I don't remember the exact size) occurred at 12 7/8, just below the BID of 12 15/16. The stock price subsequently went up from there to close at near $14. Luis