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I'm glad you got something from it.. that is
what I thought the purpose of this thread is... AS always differing
opinions are what make a market.. and what works for one won't work for
another.. If you want to share with me your oh HA.. I'd be
interested.. you can send to me directly if you wish.. tnx
Dorothy
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----- Original Message -----
<DIV
style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black">From:
Lee Morris
To: <A
href="mailto:realtraders@xxxxxxxxxxxxxxx";
title=realtraders@xxxxxxxxxxxxxxx>realtraders@xxxxxxxxxxxxxxx
Sent: Saturday, October 13, 2001 8:19
PM
Subject: RE: [RT] HEAVY BLK ACTIVITY ON
QQQ'S YESTERDAY... I may have posted this yesterday..
<SPAN
class=480240900-14102001>Dorothy, Thanks for your thoughts your original post
gave me an Oh Ha moment. Sometimes we forget to look at the trees
and not the forest
<FONT face=Tahoma
size=2>-----Original Message-----From: Dorothy Carter [<A
href="mailto:dorothy.carter@xxxxxxxx";>mailto:dorothy.carter@xxxxxxxx]Sent:
Saturday, October 13, 2001 10:14 AMTo: <A
href="mailto:realtraders@xxxxxxxxxxxxxxx";>realtraders@xxxxxxxxxxxxxxxSubject:
Re: [RT] HEAVY BLK ACTIVITY ON QQQ'S YESTERDAY... I may have posted this
yesterday..
IRA: As I said use it if you
wish...if not don't... I have tracked blks for yrs and
I find it useful. it does take time to get a feel for
it.... We all have many arrows in our quivers........ This is one
in mine I find valueable......
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----- Original Message -----
<DIV
style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black">From:
Ira Tunik
To: <A
href="mailto:realtraders@xxxxxxxxxxxxxxx";
title=realtraders@xxxxxxxxxxxxxxx>realtraders@xxxxxxxxxxxxxxx
Sent: Saturday, October 13, 2001
10:06 AM
Subject: Re: [RT] HEAVY BLK ACTIVITY
ON QQQ'S YESTERDAY... I may have posted this yesterday..
Richard Ney should have remained an actor. Mrs.
Miniver was the only work he has done that rated comment.
Dorothy Carter wrote:
I agree
specialists are not all knowing and they are not always the other
side of the trade... However If I can see a set up which has the
earmark of them selling longs and setting up their book short.......
They are smart money....<FONT
face=Quotrone>people who have studied this activity for yrs.. ie Richard
Ney would indicate that the circumstances and timing of these QQQ blks
are most probably as I suggested... specialist selling longs he was
forced to buy on the way down and then setting up shorts to ride on the
way down....... They are a profit center.... not just there to
take the other side of the trade. If their only purpose was to
provided an orderly market.. the minimum that they have to take
100 shs before they can lower the price of the next trade would
have long ago been changed to at least 1000 shs in this market place
where even 1000 shs is by many standards an odd lot. In order to
call a block desk at a brokerage house many require 5000 shs or
more... So. I post this info from my experience... and
it does take some time to get a feel for it.. use it if you find it
worthwhile .... JJJ
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----- Original Message -----
<DIV
style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black">From:
Ira
Tunik
To: <A
href="mailto:realtraders@xxxxxxxxxxxxxxx";
title=realtraders@xxxxxxxxxxxxxxx>realtraders@xxxxxxxxxxxxxxx
Sent: Saturday, October 13, 2001
2:03 AM
Subject: Re: [RT] HEAVY BLK
ACTIVITY ON QQQ'S YESTERDAY... I may have posted this
yesterday.. There seems to be this belief that the
specialist is all knowing and all seeing and can tell better then
anyone else where the market is going. There also seems to be
the assumption that the specialist can take in hundreds of thousands
of shares with an inexhaustible bank. These are false
assumptions. The edge that the specialist has is that he has the
book and knows where the orders are. He doesn't know that they
will still be there if price gets to those levels because the order
can be canceled. He is supposed to make an orderly market, when
he can. When not, there are gaps down or up, or a halt in
trading until orders can be matched. The other edge that the
specialist has is that he can participate in large block trades.
Say a mutual fund wants to sell 500,000 shares of xxx stock. The
existing price is $55. He can search for the other side of that
trade or he can look down in his book, add up all the shares to buy
below the current price until they add up to the 500,000 shares for
sale. He may tell the seller that he wants to participate in the
buy up to 35,000 shares. This is agreed upon. The specialist
then sells the first 35,000 shares in his book and takes all of the
shares for sale up to the 500,000. The cross might be at $54 or
at $49 which price has been agreed upon before hand. But there will be
a orderly march down there as the specialist knocks down the shares he
is about to buy back. I doubt that any specialist is going to
take in a couple million shares of QQQ in the hopes of a rally because
he can't move the market for more then a couple of minutes when the
market is very thin. Especially in the QQQ which are used buy
every hedge fund or hedger as a vehicle. There was one exception
that I heard of. That was in 1987 when many of the specialists
were broke or negative and the government told the banks to offer the
specialists unlimited credit so that they could stabilize the
markets. It didn't help a certain bank in Chicago that went
belly up because of all those very smart market makers that went
broke. Remember that the market makers in stocks or options
and the specialists are taking the other side of everyone else's
trade. They are not instigating any of the trades. They
are accepting bids or offers and accommodating the public when
there is no one else there.
Dorothy Carter wrote:
<FONT
size=-1>There is no way to know for 100% unless you can see
specialist book.. but when I see this many blks clustered together
it feels to me like a major mutual fund buying and the specialist
selling to them... It doesn't look to me timing wise after a big
upmove off of recent lows that we would be seeing a mutual fund that
would be that savy or short term oriented to sell a long position
here... so that tells me it is most probably specialist selling what
he had to buy on way down or setting up shorts that they
ride down again.... There is obviously two sides to each blk and
the specialist is the smart $$$So if I'm reading this correctly....
it is distribution by specialists who had to buy on way down
starting on Sept 17th and lower.. also these levels are back to Apr
lows.. so if some institution bot at Apr lows rode them up then got
caught on way down would have sold Sept 10th or Sept 17th and the
specialist most probably took other side... I can tell
you that there were even more blks on QQQs, SPY, MDY etc on Sept 17
-19th... so I'd guess as market improved and got everyone bulled up
that specialilst is unloading...
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----- Original Message -----
<DIV
style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black">From:
Ira
Tunik
To: <A
href="mailto:realtraders@xxxxxxxxxxxxxxx";
title=realtraders@xxxxxxxxxxxxxxx>realtraders@xxxxxxxxxxxxxxx
Sent: Friday, October 12,
2001 5:18 PM
Subject: Re: [RT] HEAVY BLK
ACTIVITY ON QQQ'S YESTERDAY... I may have posted this
yesterday.. Looks like short covering to me. How
much of took place on up ticks and how much on down ticks.
that would tell a different story.
Dorothy Carter wrote:
BELOW SEE SERIES OF
BLOCK TRADES ON QQQs yesterday.... THIS IS HEAVY.. NOT
NORMALBLK ACTIVITY....opn QQQs <FONT
face=Quotrone><FONT
size=-1>--------------------------------------------------------------------------------
7:48 RT U.S. stocks
seen little changed to slightly higher at open
10/11 DJ DJ
NASDAQ-100 Index (QQQ) Block: 400,000 Shrs At
34.36 <FONT
size=-1> 10/11 DJ PRESS RELEASE: AMEX To Trade Nasdaq-100
Index Options <FONT
size=-1> 10/11 DJ =DJ Options Report: Amex To Trade Nasdaq
Index Options <FONT
size=-1> 10/11 DJ DJ NASDAQ-100 Index (QQQ) Block:
1,000,000 Shrs At 34.16 <FONT
face=Quotrone> 10/11 DJ DJ NASDAQ-100 Index
(QQQ) Block: 466,000 Shrs At 34.30 <FONT
face=Quotrone> 10/11 DJ DJ NASDAQ-100 Index
(QQQ) Block: 350,000 Shrs At 34.35 <FONT
face=Quotrone> 10/11 DJ DJ MARKET TALK:
Nothing Good Lasts Forever <FONT
face=Quotrone> 10/11 DJ DJ NASDAQ-100 Index
(QQQ) Block: 750,000 Shrs At 34.48 <FONT
face=Quotrone> 10/11 DJ DJ NASDAQ-100 Index
(QQQ) Block: 350,000 Shrs At 33.85 <FONT
face=Quotrone> 10/11 DJ DJ NASDAQ-100 Index
(QQQ) Block: 644,800 Shrs At 33.77 <FONT
face=Quotrone> 10/11 DJ DJ NASDAQ-100 Index
(QQQ) Block: 300,000 Shrs At 33.87 <FONT
face=Quotrone> 10/11 DJ DJ NASDAQ-100 Index
(QQQ) Block: 300,000 Shrs At 33.97 <FONT
face=Quotrone> 10/11 DJ DJ NASDAQ-100 Index
(QQQ) Block: 375,000 Shrs At 34.15 <FONT
face=Quotrone> 10/11 DJ DJ NASDAQ-100 Index
(QQQ) Block: 775,000 Shrs At 34.14 <FONT
face=Quotrone> 10/11 DJ DJ NASDAQ-100 Index
(QQQ) Block: 300,000 Shrs At 33.90 <FONT
face=Quotrone> 10/11 DJ DJ NASDAQ-100 Index
(QQQ) Block: 600,000 Shrs At 33.95 <FONT
face=Quotrone> 10/11 DJ DJ NASDAQ-100 Index
(QQQ) Block: 300,000 Shrs At 33.97 <FONT
face=Quotrone> 10/11 DJ DJ NASDAQ-100 Index
(QQQ) Block: 300,000 Shrs At 33.69 <FONT
face=Quotrone> 10/11 DJ DJ NASDAQ-100 Index
(QQQ) Block: 400,000 Shrs At 33.80 <FONT
face=Quotrone> 10/11 DJ DJ NASDAQ-100 Index
(QQQ) Block: 527,900 Shrs At 33.20 <FONT
face=Quotrone> 10/10 RT U.S. stocks press
higher on upbeat forecasts
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