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

To: steve goldman who wrote (3024)	5/12/1998 4:57:00 PM
From: ZJOHN	Respond to of 4969

Thanks Steve, I will check out the sight you recommended. Zjohn

To: steve goldman who wrote (3024)	5/12/1998 5:59:00 PM
From: Mike B	Read Replies (1) \| Respond to of 4969

Steve, can you explain this scenario to me? At 2:40 EDT, I placed an order on Datek to buy 300 shares of Media Arts Group (ARTS). ARTS was 20 by 20 3/8. Volume about 95,000. I put in my order to buy 300 shares at 20 1/8. This out of the market order moved the bid to 20 1/8 by 20 3/8. From a MM perspective, I was "first in line" with my bid at 20 1/8. I don't have Level II quotes, but I assume that a Level II screen would have showed ISLD at 20 1/8. The stock closed at 20 1/8 with volume of 100,500 shares. This means people sold at 20 1/8 and theoretically I should have been "hit" at that price. How did the MMs jump in front of me if I was "first in line." One plausible answer is that I wasn't offering at least 1,000 shares, so the MMs could jump in front of me to pick up the SOESers. On the other hand, ARTS is not a SOES stock. If you can shed some light on this, I'd appreciate it. Mike