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Robert,
The theory is as you stated it-- and that's basically the way it originally
was.
The problem is that Level II was only available to insiders until about 2
years ago. As it slipped from their grasp-- over time, the Market Makers
have developed a variety of tactics (head-fakes, etc.) to mis-represent the
true representation of the current book. It would take several chapters to
cover the various illusions that they create to paint the Level II picture
that they want you to see. Maybe others would care to elaborate further.
______________________________________
At 06:24 PM 10/29/98 -0600, you wrote:
>
>Trading level 2 is the advantage trading within the spread offered by the
>MM? Is it the fact that you can see all the representative bids and offers
>from the MM and from that you can get an idea of the inter strength of a
>stock for the short term. Trying to draw some conclusions on why this could
>would be easier than trading commodities. One big advantage is the 2 to 7
>second fills. This subject has been here before but for those who are
>actually doing it can you post some advantages and disadvantages in
>relation to trading futures. Seems like there are a lot of people willing
>to give you an education on this subject for a fee. So much hype trying to
>get through all the BS is a project of its own. I need a computer e mail
>device that can detect a lie when its written to me. Maybe a picture of a
>nose that would grow has the script continued. Any help would appreciated
>thanks, I'm closer than I was about a decision regarding this.
>
>Robert
>
>
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