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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Lee Lichterman III who wrote (3986)	1/14/1999 4:38:00 PM
From: HighTech	Read Replies (1) \| Respond to of 99985

Thanks! eom

To: Lee Lichterman III who wrote (3986)	1/14/1999 5:05:00 PM
From: Les H	Read Replies (1) \| Respond to of 99985

From Pristine Day Trader --- Pristine Note: The Wall Street Journal reported in its Heard on the Street column that on-line brokerage firms are plagued with problems related to customers trading internet related stocks. Many firms are even staring to contemplate the idea of not letting customers place trades in internet stocks. What does that tell us? Despite all the hoopla about how fast and far these rockets have soared, there is literally an army of people out there who have been decimated due to the illiquidity in most of these issues. Law suits against the brokerage firms are mounting by the hour, but the legal complaints have little to no merit. It frightens us to know that investors are playing these fast moving stocks without a direct SOES/ECN trading system. Not having near instantaneous confirmations, the additional liquidity of several ECNs (electronic communications networks), Nasdaq level II quotes and a direct link to the Nasdaq places traders at a distinct disadvantage even if they are playing the dull, slow moving Nasdaq stocks. Add to this the internet stocks, and those traders are flying blind. We and our in-house traders use the SOES/ECN trading system called The Executioner (www.executioner.com). It's not the only one out there but we wouldn't dare trade without it. If you don't have direct access, it's only a matter of time before you get your clocked cleaned. And it may just be one of our traders who does it. Also in Heard on the Street: Meanwhile, trading circles were buzzing with rumors about large bets against Internet stocks that were placed in recent days by George Soros's Soros Fund Managment and Julian Robertson's Tiger Management. At least one theory for why the market bounced back in midmorning: reports of buying by big hedge funds to "cover" at least part of their short -- or bearish -- positions in the stocks. Officials at Soros and Tiger declined to comment.