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<DIV><FONT color=#000000 size=2>from TED, well having been reading the
posts in the back ground for about a month now , I must thank all the veterans
on here that are willing to share the wisdom and knowledge to us traders just
starting out , it certanately can save one a lot of $$$ in buying
some hiped up program etc, seems to be a good chance that someone on here
has bought, tried, or know of it, and willing to share their experiences ,
so far its been one of my better moves, which brings me to a
question (1)- has anyone
tried any of this OPTIONS SOFTWARE and if so what would be your opinion, (2)
-has anyone any knowledge with SCOTT KRIEGERS daytrading
software, thanks in
advance
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</x-html>From ???@??? Fri May 07 16:31:41 1999
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Date: Fri, 07 May 1999 16:26:53 -0700
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From: "Norman E. Phair" <ericrogers@xxxxxxxxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Subject: Re: Stops/Michael
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Ira:
Your example is a little different from what we were talking about.
This happens routinely throughout the day because institutions control over 80%
of the
stock market activity. The last rule that I am familiar with, and it has
been a few years since
i was involved in this area, is that the seller hits the first bid and all
orders under that bid and
down to the cross price get the lower price. I>E> the stock is 40 bid, the
seller gets the execution
on what is bid at 40 and them crosses the balance of the order at say 39, the
public orders between
39 1/8 ad 39 7/8 get 39. The reason for crossing on a regional exchange is
that
the specialist wants more of a piece than the buyer wants to give up. Usually
if this is the case, they negotiate
because the specialist knows that the block can trade away. They do not have
to wait until NY closes to
do the trade on the PSE.
Norman E.
Ira wrote:
> They do run the market in stocks and here is an example. A large mutual
> fund comes in with an order to sell, we will use 10,000 share block. They
> find another firm to take the other side. they go to the specialist and ask
> where they can cross the block. the specialist looks in his book and says
> at x down a point, but I want 1500 shares of the trade. those 1500 shares
> are in his book between the current price and the execution price. Is that
> fair to those in the book? Is it fair to the public? Is it done? Yes, all
> the time. If they can't accommodate the trade in NY, they wait for the close
> and execute the trade on the PSE which closes 15 minutes later. Have a good
> week end. Ira.
>
> Don Roos wrote:
>
> > <<I have been a trader for two mutual fund companies and it does not
> > work in stocks
> > and I doubt very much if it will work in commodities. If you can show
> > me
> > proof that it does I will listen.>>
> >
> > We all know of your incredible impeccable credentials, Norman. (How
> > could we not know). If I proved it to you, then you would have to quit
> > your piranha anonymous group.
> >
> > Stocks have the specialists at NY who are not allowed to push the market
> > like the locals do. They take the opposite side to create liquidity.
> > The locals create moves in an effort to pick off all the "suckers" that
> > have signed up to trade in "their" pit. To them, if someone leaves a
> > stop, it is their "right" to pick it, because such a person "is a loser"
> > anyway. (I've heard them talk this way in the background on LOS). But
> > this is part of the game, as we know it at this time.
> >
> > We are all fortunate that Norman didn't buy a seat at 12.5k, or he might
> > be likely to brag a little.
> >
> > Don
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