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Strategies & Market Trends : Level II Trading -- Ignore unavailable to you. Want to Upgrade?

To: Robert Graham who wrote (103)	2/7/1998 6:05:00 PM
From: ExCane	Read Replies (2) \| Respond to of 1086

Robert- Very well put. The Cramer article explained for me something I never thought about, but his take seems like a correct one on that issue. I don't know much (or less) about the options expiration issue. On level2- My experience has shown the tape and the market to be a better indicator, though I read someone's post here about software that keeps track of individual MM action, maybe that helps. If you agree that it's like poker, you're playing against the best of the sharks, how are they going to tip you off? Not likely. It's probably best to trade the bigger NASDAQ names in this type of trading because an individual MM would have a hard time creating a false impression with those. I work at a firm with 3 exMM's, one of which is my brother, and am told repeatedly that the Level2 positioning tells you nothing. I would like someone to post that they are consistently doing better since getting Level2, I'm just curious. On the personal side- I can't use SOES and have to preference MM's on Selectnet to get a fill. If a MM is showing 1000 offered and I bid him for 2000 or 3000, I get filled in more cases than not. I believe they only have to reflect customer orders in their quote, and if they are just trading they limit their exposure to the SOES tier size. How could you know what they're really up to? -Alex