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

To: nick nelson who wrote (3016)	5/11/1998 3:46:00 PM
From: ZJOHN	Read Replies (3) \| Respond to of 4969

Hi I'm new to this thread but was wondering if anyone knew of a sight where I can see the high and lows of stock option prices for the day. Thanks Zjohn

To: nick nelson who wrote (3016)	5/12/1998 6:59:00 AM
From: steve goldman	Respond to of 4969

Nick See my answers to your questions: When a market maker accepts an order by a Net account to sell at the MM's bid, does the market maker know, before accepting the sell, whether it is 'short' or just a 'sell?' Does he really care which it is? The mm had better. All members of the SEC and NASd have an affirmative determination requirement to inquire whether customer is long or going short. So, if you say you're long, they must check. You say you want to go short, they dont need to check but need to borrow stock and comply with uptick, upbid rules. How is a short sale recorded to tape.... just as a sell, or is there some way to determine whether it was a 'short' sale? Who keeps the sales records on short sales? Do some 'time & sales' printouts clearly differentiate between sell and 'short' sell or buy and 'covers?' Brokerage firms and market makers are supposed to report monthly their short positions. As for printing to the tape, a short sale prints to the tape exactly like any other transaction. ie..to the buyer of the short sale, it is exactly the same as buying any other stock. When the bid drops very quickly, say in a OTC:BB stock or Nasdaq Sm Cap, who is driving the bid down so quickly? Have all the MM's agreed to bring down the bid simultaneously, is one market maker selling his inventory to other MM's, or is it a trader(s), not another market maker, who is repeatedly knocking out the low bids of all the MM's in the stock... driving the price down? What's the most likely scenario? Unfortunately there are too many possibilities, but you hit a few of them. Can a market maker(one person) be both a trader and market maker in his own stock... one minute he's buying and selling other's requests for his stock, the next minute he's pounding the bid or ask of another market maker with his own stock? Most market makers want to make a spread, a profit on 'other's request'. You give a mm an order to sell inbetween, they get 30 seconds to try to make the market. Most mm would love to soley be doing client orders as they have one side already.They can simply try to make a spread on the order, given the current market. Regards Steve@yamner.com