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<DIV><FONT size=2>When market makers in NASDAQ stocks "sign off", they often do
so with a bid way below the recent trading range. Overnight news can drop a
stock like a massive boulder and market makers don't want to be filling such
orders at prices disadvantageous to themselves. The same logic is behind signing
off with a very high ask price. This can happen most often, I think, when there
are only one or a few market makers in a particular stock.</FONT></DIV>
<DIV> </DIV>
<DIV><FONT size=2>Joe</FONT></DIV>
<BLOCKQUOTE
style="BORDER-LEFT: #000000 2px solid; MARGIN-LEFT: 5px; MARGIN-RIGHT: 0px; PADDING-LEFT: 5px">
<DIV><FONT face=Arial size=2><B>-----Original Message-----</B><BR><B>From:
</B>Ron Warshawsky <<A
href="mailto:rwarsh@xxxxxxxxxxxx";>rwarsh@xxxxxxxxxxxx</A>><BR><B>To: </B><A
href="mailto:metastock@xxxxxxxxxxxxx";>metastock@xxxxxxxxxxxxx</A> <<A
href="mailto:metastock@xxxxxxxxxxxxx";>metastock@xxxxxxxxxxxxx</A>><BR><B>Date:
</B>Wednesday, March 08, 2000 05:32 PM<BR><B>Subject: </B>Re: Sell order
placement help<BR><BR></DIV></FONT>
<DIV><FONT size=2></FONT> </DIV>
<DIV><FONT size=2>Teo,</FONT></DIV>
<DIV> </DIV>
<DIV><FONT size=2> Thanks a lot. Yes, this quote was taken after hours.
Can someone explain, what is the reason of this?</FONT></DIV>
<DIV> </DIV>
<DIV><FONT size=2>Regards,</FONT></DIV>
<DIV> </DIV>
<DIV><FONT size=2> Ron Warshawsky</FONT></DIV>
<DIV> </DIV>
<DIV><FONT size=3></FONT> </DIV>
<DIV><FONT size=3>----- Original Message ----- </FONT></DIV>
<BLOCKQUOTE
style="BORDER-LEFT: #000000 2px solid; MARGIN-LEFT: 5px; MARGIN-RIGHT: 0px; PADDING-LEFT: 5px; PADDING-RIGHT: 0px">
<DIV
style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black"><B>From:</B>
<A href="mailto:sky40912@xxxxxxxxx"; title=sky40912@xxxxxxxxx>Theo E.M.
Lockefeer</A> </DIV>
<DIV style="FONT: 10pt arial"><B>To:</B> <A
href="mailto:metastock@xxxxxxxxxxxxx";
title=metastock@xxxxxxxxxxxxx>metastock@xxxxxxxxxxxxx</A> </DIV>
<DIV style="FONT: 10pt arial"><B>Sent:</B> Wednesday, March 08, 2000 10:22
AM</DIV>
<DIV style="FONT: 10pt arial"><B>Subject:</B> Re: Sell order placement
help</DIV>
<DIV><BR></DIV>
<DIV> </DIV>
<DIV><FONT color=#008080 face=Arial><STRONG><EM>Ron
:</EM></STRONG></FONT></DIV>
<DIV> </DIV>
<DIV><FONT color=#008080 face=Arial><STRONG><EM>How late did you
notice this : if it was after market (10:57)</EM></STRONG></FONT></DIV>
<DIV><FONT color=#008080 face=Arial><STRONG><EM>this is often done by the
market maker i think : just to let you</EM></STRONG></FONT></DIV>
<DIV><FONT color=#008080 face=Arial><STRONG><EM>know that the market
stopped for that quote that day.</EM></STRONG></FONT></DIV>
<DIV> </DIV>
<DIV><FONT color=#008080 face=Arial><STRONG><EM>I noticed this many times
(also in the early morning next day)</EM></STRONG></FONT></DIV>
<DIV><FONT color=#008080 face=Arial><STRONG><EM>Do not let it mislead and
frighten you by this (strange ?) practice</EM></STRONG></FONT></DIV>
<DIV> </DIV>
<DIV><FONT color=#008080 face=Arial><STRONG><EM>Wait in the early morning
always when you see this until normal</EM></STRONG></FONT></DIV>
<DIV><FONT color=#008080 face=Arial><STRONG><EM>quote changes take
place.</EM></STRONG></FONT></DIV>
<DIV> </DIV>
<DIV><FONT color=#008080
face=Arial><STRONG><EM>Theo.</EM></STRONG></FONT></DIV>
<DIV> </DIV>
<DIV> </DIV>
<DIV> </DIV>
<DIV> </DIV>
<DIV> </DIV>
<DIV><FONT face=Arial size=2>----- Original Message ----- </FONT>
<DIV><FONT face=Arial size=2>From: Daniel Martinez <<A
href="mailto:DanM@xxxxxxxxxx";>DanM@xxxxxxxxxx</A>></FONT></DIV>
<DIV><FONT face=Arial size=2>To: <<A
href="mailto:metastock@xxxxxxxxxxxxx";>metastock@xxxxxxxxxxxxx</A>></FONT></DIV>
<DIV><FONT face=Arial size=2>Sent: March 08, 2000 8:47 AM</FONT></DIV>
<DIV><FONT face=Arial size=2>Subject: Re: Sell order placement
help</FONT></DIV></DIV>
<DIV><BR></DIV><FONT face=Arial size=2>> Ron,<BR>> Sure, send me one
ticker. I'll take a look at it.<BR>> <BR>> Daniel.<BR>>
<BR>> <BR>> <BR>> Ron Warshawsky wrote:<BR>> <BR>> >
Daniel, I can send you the stock's ticker, so you can
check<BR>> > it. Looks like NASDAQ does not heard about SEC reform. I
have a<BR>> > wide list of such a stocks right in front of me. Thanks
for<BR>> > answering ----- Original Message -----<BR>> ><BR>>
> From: Daniel Martinez<BR>>
> To: <A
href="mailto:metastock@xxxxxxxxxxxxx";>metastock@xxxxxxxxxxxxx</A><BR>>
> Sent: Tuesday, March 07, 2000 10:57
PM<BR>> > Subject: Re: Sell order
placement help<BR>> > Are you sure
your data is correct? The spread here<BR>>
> is 1 3/4. That's quite high.
In 1997, before the<BR>> > market makers
were forced to reform by the SEC, such<BR>>
> spreads were common. Now it's
fairly unusual.<BR>> ><BR>> > You
sell/buy by the bid/ask price. The quoted<BR>>
> price/high/low of the day is sort of an
average of<BR>> > the bid/ask
price.<BR>> ><BR>> >
Daniel.<BR>> ><BR>> ><BR>> >
Ron Warshawsky wrote:<BR>> ><BR>> > >
Symbol Bid Ask Last
Change High<BR>> > >
Low Volume<BR>>
> > STOCK 10 11 3/4 11 1/4 -1 13/16 13
11/32 10<BR>> > > 15/16
361,700<BR>> > ><BR>>
> > Dear list participants,<BR>>
> ><BR>> >
> As you can see, above stock has bid price (10),<BR>>
> > which is lower than the low<BR>>
> > price of the day (10 15/16). Can you
please advice<BR>> > > me, what stock order
must<BR>> > > be used in order to sell this
stock if price will<BR>> > > drop to 10
13/16 or lower,<BR>> > > but not at 10
(what market sell order will do).<BR>> >
><BR>> > > Regards and thanks a lot in
advance.<BR>> ><BR>> <BR>>
</FONT></BLOCKQUOTE></BLOCKQUOTE></BODY></HTML>
</x-html>From ???@??? Wed Mar 08 20:58:31 2000
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From: Daniel Martinez <DanM@xxxxxxxxxx>
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Subject: Re: Sell order placement help
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Ron,
<br>INFO: Bid 10 3/4 Ask 10 13/16. Spread was 1/16 at the end
of the trading day. After hours the spread can be very large due
to thin trading. Not all market makers participate in after hours
trading. Only the most actively traded stocks; such as YHOO, AMZN,
etc...; will have a normal spread during after hours.
<p>The only time you would want to buy during after hours is when there
is noticeable movement in the price. Usually this occurs when there
is market news a couple hours before the opening. Another example
was during the Linux group run-up last year. Unfortunately, the Linux
run occurred at approx. 4 am PT and, I assume, only the institutional houses
have access to the markets at that time.
<p>Which data provider did you get this quote from? Did you get it
from ISLAND after hours or from a NASDAQ Level II provider?
<p>Daniel.
<br>
<p>Ron Warshawsky wrote:
<blockquote TYPE=CITE><font size=-1>Teo,</font> <font size=-1> Thanks
a lot. Yes, this quote was taken after hours. Can someone explain, what
is the reason of this?</font> <font size=-1>Regards,</font> <font size=-1>
Ron Warshawsky</font> <font size=+0>----- Original Message -----</font>
<blockquote
style="BORDER-LEFT: #000000 2px solid; MARGIN-LEFT: 5px; MARGIN-RIGHT: 0px; PADDING-LEFT: 5px; PADDING-RIGHT: 0px">
<div
style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black"><b>From:</b><a href="mailto:sky40912@xxxxxxxxx"; title="sky40912@xxxxxxxxx">Theo
E.M. Lockefeer</a></div>
<div style="FONT: 10pt arial"><b>To:</b> metastock@xxxxxxxxxxxxx</div>
<div style="FONT: 10pt arial"><b>Sent:</b> Wednesday, March 08, 2000 10:22
AM</div>
<div style="FONT: 10pt arial"><b>Subject:</b> Re: Sell order placement
help</div>
<b><i><font face="Arial"><font color="#008080">Ron :How late did
you notice this : if it was after market (10:57)this is often done by the
market maker i think : just to let youknow that the market
stopped for that quote that day.</font></font></i></b> <font face="Arial"><b><i><font color="#008080">I
noticed this many times (also in the early morning next day)Do not let
it mislead and frighten you by this (strange ?) practiceWait in the early
morning always when you see this until normalquote changes take place.Theo.</font></i></b><font size=-1>-----
Original Message -----From: Daniel Martinez <DanM@xxxxxxxxxx>To:
<metastock@xxxxxxxxxxxxx>Sent:
March 08, 2000 8:47 AMSubject: Re: Sell order placement help> Ron,</font></font>
<br><font face="Arial"><font size=-1>> Sure, send me one ticker.
I'll take a look at it.</font></font>
<br><font face="Arial"><font size=-1>></font></font>
<br><font face="Arial"><font size=-1>> Daniel.</font></font>
<br><font face="Arial"><font size=-1>></font></font>
<br><font face="Arial"><font size=-1>></font></font>
<br><font face="Arial"><font size=-1>></font></font>
<br><font face="Arial"><font size=-1>> Ron Warshawsky wrote:</font></font>
<br><font face="Arial"><font size=-1>></font></font>
<br><font face="Arial"><font size=-1>> > Daniel, I can send
you the stock's ticker, so you can check</font></font>
<br><font face="Arial"><font size=-1>> > it. Looks like NASDAQ does not
heard about SEC reform. I have a</font></font>
<br><font face="Arial"><font size=-1>> > wide list of such a stocks right
in front of me. Thanks for</font></font>
<br><font face="Arial"><font size=-1>> > answering</font></font></blockquote>
</blockquote>
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</x-html>From ???@??? Wed Mar 08 21:11:59 2000
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From: "Shawn Andrew" <shawn@xxxxxxxxxxxxx>
To: <metastock@xxxxxxxxxxxxx>
Cc: <rgi@xxxxxxxxxxxxxx>
Subject: Correlations and Patterns: off topic
Date: Wed, 8 Mar 2000 20:08:58 -0500
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Status:
As a Trader and chaologist at heart I have been dwelling a lot on various
applications to dissect the Market. The bulk of it has to do with Market
Correlations. Viewing the Market as holistic in nature, other macro patterns
are observable other than the
mere (basic shapes , triangles, squares, diamonds and trend lines.)
Such patterns as extreme values in volatility tending to coincide with
turning trends and reducing as the trend establishing itself or yet again
the Nikkei/(Dollar/Yen) as a leading indicator of the Dows Direction,
uniformity of the Dow Industrials and Transportations averages as a
barometer for the economic trend, are a few examples.
Now in all fairness one normally allows his or her mind to run wild with
hunches and then settles to a strict code to verify if these analogies,
parallels etc are expedient in any form. The crude form of verifying this
has been through formula's written in easy language or the Metastock
equivalent. I contend this kills a large percentage of expedient systems.
A case in point would be to look at the way Tradestation identifies a Head
and Shoulders pattern. Should you have been verifying shapes you would have
thrown this one away as less expedient. Needles to mention it is one of the
most reliable patterns when analyzed correctly. A different criteria has to
be established as to what constitutes a successful reoccurring pattern.
Why should the investigation not commence along the lines of specific states
of macro indicators or specific correlations (which are far easier to
identify), leading on to specific observable shapes in formation. Such
trains of thought are what Gabriel Burstein explores in his book "Macro
Trading & Investment Strategies".
Or yet the latest paper sterilized foreign exchange interventions on the
European Central Bank's website (http://www.ecb.int/pub/wp/ecbwp010.pdf).
The Author, Rasmus Fatum explores whether the wild heuristic concept of
Central Banks (Some regard it as a sacrament) intervening in the Forex
Market is expedient in influencing the short term direction of the currency.
I did not mean by this to criticize any ones idea of data series
investigation (Where they seek a Head and Shoulder pattern by 3 peaks ) as
mundane. As Soros would say "It is not how right or how wrong you are that
matters but how much money you make when right, and how much you do not lose
when wrong."
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