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Re: [RT] HEAVY BLK ACTIVITY ON QQQ'S YESTERDAY... I may have posted this yesterday..



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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
<BLOCKQUOTE 
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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...... 
    <BLOCKQUOTE 
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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 
        <BLOCKQUOTE 
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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... 
            <BLOCKQUOTE 
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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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