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

To: Nazbuster who wrote (21459)	3/16/1999 10:03:00 PM
From: genejockey	Respond to of 122087

Dan, not sure if this is the response that you were looking for... but here it goes. ISLD ecn can be used by MM's and daytraders while ARCA I believe is only used by daytraders. In addition, MM's can use INCA to hide their identity and I believe they can just sell and buy directly from each other.. ie. I can use selecnet and pref. a MM without my bid ever showing up on a level 2 screen. I guess what I'm trying to say with this is that you may see a whole bunch of transactions taking place on your time/sales tape without it being obvious on level 2 who is buying from whom. Regardless, my point is that whenever you see a lack of ISLD/ARCA orders, to me that is a bad sign. ie. transactions may be taking place, but it's not due to individuals. I just can't stand being in a stock where the price is heavily influenced by MM activity, and not by individual activity.. ie. OMGA. But I guess that is a universal problem with small capped stocks when their volume dries up... your basically at the mercy of the MM's IMO. I think that is what happened with MTMC a couple of days ago... was at 5 and seemed stable there then suddenly crashed to 4 one day. I doubt that sudden drop to 4 on no news was due to a sudden desire to jump ship from individual longs, rather, I think that the MM's just decided to rip down the price that day, and could do so due to the low volume.--- Not Howie