ian, i have a stupid question and a thought...it seems many here (experienced traders) often bring up the "buy side/sell side" argument. i know the MM has some control over the PPS fluctuation but it has always seemed very limited to me, especially in a low volume situation.

question: is'nt there a buyer and seller for every trade? what actual control can a market specialist/maker have over a stock? if he has a buy/sell that match, does'nt he have to process it?

in my simplistic view of "market momentum" i only look at the PPS movement and volume.

i.e.

if the volume is high and the PPS is dropping it says to me "people want out"

if the volume is high and the PPS is rising "people want in"

if the volume is low "everyone is sitting on their hands" PPS can do anything on a small trade.

i think we're looking at day/swing traders here..or maybe shares that are being bought/sold in ETF baskets (i believe kry is still included in some)...by the end of the month we'll probably see some suprises but right now:

"400 share end of day trade" might just mean " meet me at Barneys for happy hour...