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To: ratan lal who wrote (9124)	2/26/1999 12:26:00 PM
From: Dave	Read Replies (1) \| Respond to of 27722

Ratan, A MM can't legally put in a "fake" bid. They have to honor what they have listed. They just don't have to list what they really want to sell. In other words, what you see them showing may only be the tip of the iceberg. They may do this because they know they have a customer who wants to buy/sell at a certain price and need to try to move the price in a certain direction where they can unload the rest. There is a lot of psychology at play here and no one with level 1 can predict what is going on. Even good traders with level 2 only get it right just over 50% of the time. Dave