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Strategies & Market Trends : Trading For A Living -- Ignore unavailable to you. Want to Upgrade?

To: Ken Adams who wrote (999)7/21/1998 9:19:00 AM
From: Rick Slemmer  Respond to of 1729
 
Ken:

In order to follow size effectively, one would need L2 quotes.

Level II can be deceiving. There might be all kinds of marketmakers on the ask side, and one lonely GSCO on the bid showing 10 (1000 shares), yet the Time & Sales keeps cranking out transactions on the bid side as GSCO continually refreshes an obviously big order. Before you know it, GSCO's long-term presence brings in other marketmakers on the bid and the winds suddenly shift.

You're right; L2 is vital for trading, but like any other source of information, it can be manipulated to serve a higher agenda.

Good luck!

RS



To: Ken Adams who wrote (999)7/21/1998 9:38:00 AM
From: DADDY WARBUCKS  Respond to of 1729
 
Ken, you don't really need to pay attention to size if you don't have level II. It can be helpful at times, but for the most part you will get suckered on what I call "head fakes" (size being biased to one side or the other for only that price and nothing to support it further up or down).

If I understand your strategy, I would probably look at the hot sectors like internet stocks and buy on profit-taking pullbacks.

DADDY


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