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<DIV><FONT color=#000000 size=2>Does anyone follow TX(Texaco) if so what do you
see for the short term, shorted on Friday looks like downtrend will
continue any opinions</FONT></DIV>
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</x-html>From ???@??? Mon Jan 26 13:54:59 1998
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Date: Mon, 26 Jan 1998 16:14:49 -0800
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From: nwinski <nwinski@xxxxxxxxxxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Subject: Re: Bid Ask
References: <34CCA59A.6B62@xxxxxxxxxxxx>
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Status: O
Scott Cooper wrote:
>
> Looking at CPQ. There is a large ask size of 500 and a bid of 2. The
> qusetion is :Does this mean that the stock should go down? Or what do
> you read into this indicator. thanks scooper
NW: The old Wall Street adage is that price moves toward size. The
probable reason for this is that if you are a big trader and you see 2 x
500 which one are you going to be inclined to trade? You can whack the
200 shares and then have an unknown size of bids at unknown lower prices
behind it with the rest of the street knowing your intentions or you can
buy 50,000 shares and have a nice appetizer to show for your effforts.
Big traders seek size and liquidity, so the price tends to move in that
direction when all else is equal.
Sagely,
Norman
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