Scalper007, I agree with you in that the HYBRID is a complete joke, today with airline news effecting continental ( CAL ) and yesterday with NUE and X off the lowered guidance. I don't see any real benefit at all. The open book and level 2 is complete mess whenever the volume and volatility picks up. Specialist is still holding orders, spreading it up and giving u a backfill down at the the previous levels. Position trading would not be impacted as much, but scalping and momentum trading is down the toilet. With the nose and garbage finding a good level and decent entry is crap even for a position trade. Does anyone see the nonsense they claim with instant fills. How many times can a fake size offer or bid hit the open book, to draw in intraday traders and then be pulled out and have the opposite side flood the book with orders? If is hybird wouldn't any of those opposing orders have been swiped up. I apologize inadvance for this rant, but the blatant BS is just too much. LIke someone said in the post previously, too bad the daytraders have no lobbying power, to even put up a complaint against this garbage. It would be great if all the traders just boycott the NYSE and use ECNS or just pack their bags and goto the NASDAQ, and have the specialist duke it out with goldman and their black boxes. Sorry again, I just had to spit that out.
Thanks for the reply. Now even though we have NX, what if i use the normal nsye dot hotkeys, wil it be instant like NX? So is NX even needed? Just seems like everyone is saying on hybrid fills are instant like NX so NX is no longer needed i wonder?
FYI - NUE went hybrid today. When the SHO program came out a lot of people complained about it (including myself). But now it is the only stocks I trade. Good traders will figure something out, I've already seen a few new tricks.
I believe it was CAL that I was trading this morning when I kept seeing a bid flashing like the old system so I asked the head trader in y office (some here know him, T Harrison) and he reminded me that brokers now have direct access to the quotes. So it is not only the specialist that is trying to f-us. Here is a webimar that shows what I am talking about: http://www.nyse.com/Frameset.html?n...4.html&displayPage=/events/1159957154748.html The password is hybrid1003
It doesn't really matter if it is the specialist or the floor broker with his e-quote machine. The bottom line is that there is a buyer in the stock.
Unfortunately the price wasn't moving up at this point in time. I think it was mid day, so the buyer would flash, traders would run it up a few points, he would pull, then the pikers would sell thus pushing the stock back down often below the original point and be selling out to him at a better price. Such is the game.
i love hybrid....no more waiting for my market orders...i can sweep the book with my orders.... i took 22k of a stock today for 20 cents.... with the old system i would have never gotten that order off, the specialist would have been front running my orders and holding them... i was as worried as the rest of the prop traders, but it seems so far that hybrid is not soo bad... cheers,
Hey Trader1626, I feel your pain man. I've been going thru the same thing. I thought that hybrid would be just like nasdaq. But it is not and we have to accept that fact. The sad part is that they took away all the good things about the nyse and replaced it with totally chaotic stuff that is nothing even close to favoring electronic trading. In fact, now everything is against the electronic trader. They gotta get rid of the LRP and the specialists all together. Thats the only way to have a pure electronic market. So we have two choices: Either we adapt and continue with the nyse, or screw the nyse and go to nasdaq. That's all we can do for now.
Yesterday we had tons of fun after GE posted it´s dividend numbers. All of a sudden we had the specialist through NYB posting HUGE orders on both sides of the screen, the market was crossed by around 20 cents {just on nyb, ecns where fine but they where way down the line in a pile of NYB crap} and then I thought to myself. Oh thank God they hit the LRP now the market looks nice{nyse} and neat again, the specialist is cool! Or perhaps I thought something else... Then I came to the conclusion that whatever guy in the SEC that gave the approval to this wonderfull system, is probably a very good friend of the specialists, {since they´re so cool and all...} and he should be shot on national tv, at primetime. I´ll get the popcorn!
keep in mind that u tried to trade off the open, i didnt, was in at the first bounce, when stock wasnt as volatile...at the open it is really tough to get in and out on nyse especially if the stock has explosive volumes like coo ystdy. infact i cant recall an instance where i didnt have a problem with fills on nyse at the open and to be frank i still havent found a way around it...i dont have the balls to try send mkt orders when everything is locked.