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To: Chuzzlewit who wrote (15529)	3/19/1998 3:55:00 PM
From: JZGalt	Read Replies (3) \| Respond to of 95453

Paul, things are not quite that simple on the NASDAQ. Multiple bids and asks. Unless you have Level II quotes which can see the spread in the market makers, the bid/ask you see (with Datek for instance) is just a representation of those spreads. When Steve splits the bid and ask price he can see he is sometimes moving to the bid/ask of one of the market makers. I'm no expert in this and since I rarely buy more than 1000 shares at any time, I just put orders like Steve does. Always use limit orders on the NASDAQ unless you want a rude surprise. If you want to see what I'm talking about, go to exchange2000.com Can you tell me what the bid and ask is? When you buy/sell thinly traded stocks like some biotechs, this is even more important where the bid/ask spreads reach 5-10% of the price of the stock. ;-)

To: Chuzzlewit who wrote (15529)	3/19/1998 3:57:00 PM
From: SJS	Respond to of 95453

NO. I am changing the best bid or changing the best offer. If the bid is 35 1/4, Ask is 35 1/2, and I bid to buy at 35 5/16, I will be the best bidder and typically get executed (I give someone a 1/16, which they may or may not think is enough). That's alot different that just getting executed at 35 1/2, where someone is offering it. After my trade, the bid goes back to 35 1/4, 35 1/2. Did the market move? Not really. I made the market change by bidding or offering better than the visible spread. Heck, they're may even be a hidden seller at 5/16, and could match up directly. We're talking NAZ here, I assume. NYSE is much friendlier and you can get stock sometimes right at the bid, if you buy. Try it sometime.

To: Chuzzlewit who wrote (15529)	3/19/1998 3:57:00 PM
From: rocklobster	Read Replies (1) \| Respond to of 95453

Paul, OT I sold 1300 FGII this morning for 28 when the bid was 27 5/8 X27 3/4. When FGII popped up this morning and then started drifting below 28, I decided to put a limit order in to sell if it ever went back up to 28. My order hit immediately at 28 and the next quote read 27 5/8 X 28 1/8. The bid price never moved in my direction but I got the 28 I wanted. I wouldn't have believed it myself if it hadn't happened to me but it sure made me a believer in limit orders. I have also sold shares at the high of the day using limit sell orders. Probably only happens during times of high demand though because I have also watched limit orders sit there and never trigger. Richard