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Strategies & Market Trends : From the Trading Desk -- Ignore unavailable to you. Want to Upgrade?

To: Coyoti who wrote (2350)	1/19/1998 5:30:00 PM
From: Carl H. Gotsch	Read Replies (1) \| Respond to of 4969

Coyoti, Could you say a few words about the hardware platform you are using for your Level II setup? Also, which vendor have you chosen to provide the software--and the data feed, if that is separate? Many thanks. Carl

To: Coyoti who wrote (2350)	1/20/1998 2:35:00 AM
From: Scott Moore	Read Replies (2) \| Respond to of 4969

Coyoti, The trades you see on the time and sales in excess of what the MM's have posted are trades being done internally from customer to brokers. Even though the MM may have the best posted bid/ask, the broker, let's say EGRP has the option to make that trade internally rather than hit a forward key and let the order match-up on level II. If you are trading through Datek/ISLD, you can see this very readily. Many times INCA/Instinet or ISLD/Datek are setting the best bid or ask for these internal trades and never get a fill until momentum rolls over their/my orders. I wish I had saved a post I made about a year ago about this, and unfortunately SI has dropped it from my profile, so it would probably take me an hour to find it under the "Datek" thread. Anyway, during stagnant conditions many MM's also suffer the same lack of filling due to this internal trading. %R coupled with momentum and acceleration can be revealing too on the realtime charting for entry points..