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

To: ojai who wrote (448)	4/8/1998 7:43:00 AM
From: DRRISK	Read Replies (3) \| Respond to of 1086

Ojai, MM's actions are like reading tea leaves sometimes you are right and sometimes you are wrong. They do tend to pattern their behavior and the patterns on individual issues is the key. In general undocumented patterns are no better then a guess. The individual action on a single day by a single MM"s means very little, you need to follow the AXE on a stock and know over time the opinion of their analyst, their action on the stock for the past few months and their day to day patterns over 1-2 months before you can make an opinion about their behavior on an individual stock. Even then you are subject to them cloaking their intentions. They can sit on the ask selling shares to depress the stock in large volumes and then panic a selling which allows them to jump to the bid and accumulate the panicked shares. This is common in my opinion and not easy to detect. The day to day battles are a whole other issue. DrRisk my thoughts FWIW

To: ojai who wrote (448)	4/8/1998 12:27:00 PM
From: Darren	Respond to of 1086

Re: Hammer/Ax. You might refer to the statistics that show up on nasdaqtrader.com for each stock regarding who does what. If a MM places an order for 200 at below the inside bid, it means nothing, except that they are intending to buy at the price level. Once they actually want to buy, they must show their actual number of shares only once (the first trade, I believe). If they buy and don't later sell, chances are it was an order from a client. With regards to INCA, see my previous message about their prints.