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

To: ExCane who wrote (106)	2/7/1998 6:58:00 PM
From: Robert Graham	Respond to of 1086

I thought we would be farther apart on this issue except now I am finding out that we for the most part are in agreement about MM and MM manipulation. I agree that you really cannot tell specifically what the MM is up to. A conversation I had with a NASDAQ MM proved to be revealing on this topic. As an individual trader, only sometimes you can make educated guesses and may even by correct. One problem is that people like to blame undesirable price action of a stock on MM manipulation. Others just like to live in their paranoia and detach themselves from the responsibility of their losses in this way. Even if all of this about MM is true, you as a trader still need to deal with it. If it is as bad as some make it out to be, what are they doing trading on NASDAQ?? A good solution to the MM games that are played is to trade the bigger, more liquid names on NASDAQ. As far as Cramer goes, I am not saying he does not know what he is talking about. However, at times he appears to be so "issue" oriented that he focuses on only the part of the picture he is interested in highlighting which actually provides the neophyte reader a distorted view of the larger picture. This is where I find fault with him. This is particularly disturbing in his post about options expiration. Why not at least mention the more significant factors that affect stock prices in relation to options expiration before getting into what he takes issue with? I think he must be going through some personal situation. He dropped off of his spot with CNBC which was an action initiated by him. A friend wrote to him asking him some intelligent questions about one of his articles on options and he blew her off in a very inappropriate way and IMO essentially made her out to be "stupid" and that he could not bother with her. This attitude and approach is very different from how he represents himself on CNBC. Something is up with him. Now he is back on CNBC which may be a good sign. His articles and relationship with the public may improve from here. Bob Graham

To: ExCane who wrote (106)	2/7/1998 7:55:00 PM
From: DRRISK	Read Replies (1) \| Respond to of 1086

Your brother in law is only partially right. You can track in Cybertrader the number of times a MM has gone to the inside bid or the inside ask. This is the hammer box. You can also track time of sale and watch when a MM refreshes the bid or ask or upticks or downticks and get a sense of who is doing what. This is a lot of information to follow but it starts to seep in with a Gestalt over view especially on stocks that you have followed for years and have confidence in. DrRisk MM's beware