here's an example of the sort of fun you can have if you're a specialist. <img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=227372"></img> we're looking at the stock in red. ok. the deal is that the level 1 quote never changed during the period the two prints (outside the posted market) were executed -- even a longer period. 1. 70.87 last 70.72 X .75 market 2. 70.90 last 70.72 X .75 market I know we all see this all the time but there's something about documenting that helps me vent a little. the 1X1 indicates that the book was 'frozen.' perhaps the 700 shares that traded was more than he could deal with...? sorry about the poor resolution...don't know what's up with that.