Lets talk about the codes.   I do think there is a system that is used to alert other MM’s on what is happening.   Bids higher than asks, paints of odd and small sizes.   The more you watch the markets the more you become aware off the existence of a code system.   Strange things happen when you are watching the L2.   I have seen price drops when the bid was higher than the actual selling price and price jumps when the ask is lower.   The 911 paints, could that be a signal for news and they need shares?   I don’t know but they do show up in pairs.   This is an observation we need to start documenting.   This could lead to a decoder ring if all heads were put together.   There are many X11 paints and the odd 25,50 and 100’s.   Problem is you don’t know which MM makes the paints.

Here is one thing that is a definite known.   We are betting against the MM’s.   They hold most of the cards and we rarely beat them.   They are going to make their money first and then give us the scraps.   The only time we can beat them is when the volume comes in and trades escalate.   That takes the control away from them.   They still mask trades while all this is going on so you can never be sure of what is behind door #2.

Now who are the market makers?   Simple.   The same guys you think of as your broker.   Here is a list of current market makers and their trades yesterday.   If you go to OTC markets and look them up you can pinpoint just what securities they are actually trading by clicking on the market makers name.

Market Maker	MPID	$ Volume	Share Vol	Trades
Knight Equity Markets, LP	NITE	35,190,647	827,962,658	8425
E*Trade Capital Markets, LLC IMM	ETRF	15,532,728	936,251,406	5033
Archipelago Trading Services Inc.	ARCA	50,475,781	8,926,688	4612
UBS Securities, LLC	UBSS	10,952,766	552,473,552	3995
Automated Trading Desk Fincl Svcs	ATDF	8,541,417	282,055,827	3452
Canaccord Genuity Securities Llc	CSTI	9,374,637	99,970,397	2699
Jane Street Markets, LLC	JANE	43,355,428	2,919,688	2237
Intl Trading, Inc.	INTL	12,973,447	1,819,704	1195
Rodman & Renshaw, LLC	HDSN	1,017,476	24,831,862	949
Vandham Securities Corp.	VNDM	3,371,359	297,677,870	946
Maxim Group LLC	MAXM	10,439,509	172,654,082	846
Pershing Trading Company	PERT	2,852,790	20,369,481	845
The Vertical Group Inc.	VERT	1,965,733	70,650,919	774
Cantor Fitzgerald & Co.	CANT	3,856,649	237,525,202	696
vFinance Investments	VFIN	1,091,710	170,737,637	668
Ascendiant Capital Markets, LLC	ASCM	1,101,865	11,052,132	554
Citadel Securities LLC	CDRG	1,532,534	22,457,088	433
BTIG LLC	BTIG	4,924,613	8,041,803	425
Merrill Lynch, Pierce, FS	MLCO	12,680,363	558,725	387
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