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> 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.
The Electronic Day Trader does a respectable job of describing some of
these tactics.
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