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Microcap & Penny Stocks : DCI Telecommunications - DCTC Today -- Ignore unavailable to you. Want to Upgrade?

To: Steve1 who wrote (12085)	12/4/1998 1:35:00 PM
From: Colin Cody	Respond to of 19331

Steve, Let's say that you place an order to buy 5,000 DCTC at $3.75. Your broker goes to NITE and NITE only has 2,500 share in inventory to give. That leaves you with 2,500 more shares. So NITE looks around and MASH has 2,000 in his inventory, and so MASH sells them them to NITE, who in turn sells them to you. To round it out NITE might short you the remaining 500 shares. For this type of trade you'd see all this inter-Mm activity displayed on the time & sales tape. Nothing wrong with it at all (except the day's volume is double counted). This allowed you to get a fill, and it WAS orderly. Your other choice would be to instruct your broker to "take out each MM one by one." In this case your broker goes to NITE and takes it all, and so NITE then raises his Ask price. Then your broker goes to the next MM, and the next, and so on. This can cause a run and hurt you by making your cost higher. This is done too, of course. At 3:45 yesterday that's what it looked like to me. Polling each MM and taking what he had (500 share minimum) Colin