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

To: steve goldman who wrote (3041)	5/17/1998 1:06:00 PM
From: Kimberly Lee	Read Replies (2) \| Respond to of 4969

Steve, First let me thank you for all the educational posts on this board. The richness and constancy of quality ideas exchanged here never cease to impress me. I have a few observations and questions, hope you can help: 1. I was watching BLSI trading activities on Monday, May 4 when it was rising in sympathy with ENMD. Around 3:50p or so, it was trading at 6 13/16 x 7/8, with Troster Singer alone on the offer. Suddenly, NITE raised the bid to 6 15/16, triggering a crossed inside quotes at 15/16 x 7/8. Needless to say, TSCO caved in and the stock ran all the way to 7 3/4 x 25/32 at the close. With all the ECNs in the market, I have seen locked inside quotes in heavily traded issues lately, but a crossed inside quotes during market hours is rare. Was NITE desperate to cover some short positions they incurred earlier or was NITE simply out for blood going after TSCO? I talked to some mms and their takes appear to be 50/50. 2. During IRSN's dip (it reached an intra-day high of 4 3/8 just shortly before) to 2 3/4 x 13/16 a little after 3 on Friday I chased NITE all the way from 2 13/16 to 2 15/16 and then to oblivion within one minute. I started by preferencing NITE at 2 13/16 for 5k, he backed away and moved the inside offer to 7/8; the same thing happened at 7/8. Finally, he gave me 3k at 15/16 and disappeared from the inside offer altogether. The stock quickly ran back to 3 7/16 x 1/2 when I took profit. In retrospect, it appeared that NITE was bluffing, hoping to buy shares cheaper as they really didn't have anything to sell at 2 13/16 or 7/8. I am also curious as to why they caved in and gave me 3k at 15/16 at all since I have a feeling he knew the stock was going to run right up anyway? Interested in hearing your take on these. Also, even though I have accounts with Cybertrader, MB, Etrade, Datek and a full service broker, I am thinking about opening an account with Yamner. On days when I don't feel very clear-headed, I rely on my full-service broker to handle most of the executions for me, but they charge, even with my volume discount, about 2 to 3 times more than your company. Keep up with the good work, and thanks. Kimberly