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

To: bazooka who wrote (3791)	11/5/1998 8:53:00 PM
From: steve goldman	Read Replies (1) \| Respond to of 4969

Bazooka...thats for the nice words. I appreciate. I enjoy talking stocks and market action. I never claim to know it all but I can promise you I must learn 10 new things every day, some here and some from my experiences working our Trading Desk. Either way, I'm happy to share what I can. PCoast - the prints after hours could be the pcoast or third market. Type in the symbol with a .P or .T or run a times and sales iwth a .P or .T qualifier to see where it printed.... MU.T will give you only third market prints on MU. >do the other regional exchanges have pre/post hours. whats your >experience as to price improvement on the regional exchanges.? In my experience, you typically can only do as well, hardly better on secondary exchanges. The primary market is usually the best market to offer and bid for stock. Nonetheless, you can sometimes sell or bid for stock on the Pcoast afterhours to or from someone that might have gone home long or short in error or couldnt clean up the position they wanted to afterhours... I'll give you an example...sometimes a trade might be shorting something all day and they realize after hours that they are net short...well they want to own it, the pcoast might be their only savior so you might get a 1/16 more etc....if CSCO pops after hours, might be able to sell XYZ a bit omre than the NYSE close... tough call, but its a decent exchange, but not many have access to it...few first can route to it (yamner can) so it is less liquid and doesnt end up getting much done on it. The few times I utilize it is when I 1) make a mistake and overbuy oversel in error or 2) make a mistake and get cute with a limit near the close, missit with stock ahead or by a 1/16 then decide to do the right thing by kicking it out, (the last teenie aint going to break me) and i try to get it off. I'd say that maybe 4 out of 10 times, I do worse than the last print on the NYSE, 3 times as well, since the buyer on the NYSE probably will take more if someone is offering on Pcoast at same price as close and 3 times I do better with a desperate buyer who wants my stock. Amex works similarly but because it does a very small fraction of the vol that the nYSE does, it is less staffed, less technically developed, etc. Regards, Steve@yamner.com