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

To: DGG who wrote (3486)	8/18/1998 8:47:00 PM
From: bazooka	Read Replies (1) \| Respond to of 4969

i think it depends on the size you are talking. it is very possible that you are seeing order entry errors. if you are talking about 5000 shares or less then it could very well be that someone hit the wrong key. if you are talking about "real size" (greater than 10k) then it is probably a prearranged trade in or out of a fund; or an institutional client trading via selectnet so as not to generate a bunch of traders trying to front run the order as it is being pieced out. usually you can determine which one it is by watching what the stock eventually does (i.e. if there is a big seller or buyer then the stock should move towards least resistance). unfortunately, it is only hindsight which is 20/20 and i would not make a trading decision based on an aberation print. bazooka

To: DGG who wrote (3486)	8/18/1998 9:33:00 PM
From: TraderAlan	Read Replies (1) \| Respond to of 4969

DGG, Just as an "aside", I use a ticker and filter a real large block size into it so the only trades showing are the real big ones. Finally gives a real use to that cutesy waste of programming. Alan

To: DGG who wrote (3486)	8/19/1998 8:52:00 AM
From: steve goldman	Read Replies (2) \| Respond to of 4969

DGG. Thanks for stopping in. There have been a few good post up here about what it could possibly be. You might want to search back or if anyone could point DGG to the right post. Briefly, it could be a market maker who was selling a position for a larger clients, the market selling throughout the session out of the firm's inventory account, then moving the piece from the clients account to the firm's inventory (thus covering the short) at the price you see. The firm and client might agree to do the trade for 1/8 or 1/4 pt. mark up and since its agreed they can print outside the tape. This lets the market maker's trader go to work without having to cross,reconcile each trade. It could also simply be a negotiated agency cross. It could also be a late print. Try to search back and find the many posts that have covered this topic in detail. Regards, Steve@yamner.com