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Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony, -- Ignore unavailable to you. Want to Upgrade?

To: genejockey who wrote (21407)	3/16/1999 9:02:00 PM
From: IJReilly	Read Replies (2) \| Respond to of 122087

N. Howie- I have appreciated your commentary on MM activity; however have you considered that ARCA and ISLD (and other ECN's) are not the only places where orders are filled? A good percentage of retail and institutional orders are still filled by the market makers. So a lack of ECN activity does not necessarily mean no public orders are being traded. Granted, the ECN's are where a lot of day-traders paper is filled, but I believe E*Ttrade still uses HRZG a fair amount,for example, and other online brokerages use MM's as well. When you see a MM accumulating or selling a big position, there's a good chance it's an institutional order he's filling. I'm not saying the MM's don't play games or trade a lot for their own account; just that you can't assume all their trading is for themselves. IJ