Fuego Enterprises, Inc. (FUGI)

[Squeegee_1]

Your partial will only maintain representation if it is still an order over 5,000 shares. At 4,999 it no longer shows even though it is still active and sitting there ready to be filled.

Gonna add one more element. What if you place a buy order with 15,000 shares on the bid at .30, but do so with the "all or none" fill requirement. Well the guy that tries to sell you 3,000 shares is not gonna get his order matched with yours. He wont get filled until he can offer you the full 15,000 order or there are enough partials to stack and get the 15,000 you are asking for.

All this stuff may look like there is some underlying tone of deception when our orders dont go thru just as we expect, but it really is more likely that there is a lot going on behind the scenes that we just cant see on Level 2.

At market close, many MMs including ETRD drop off of Level 2 and come back online at market open.