just had a simple question, I was wondering for anyone who moves size on the nyse on some of the less liquid issues, when you see prints going off left right and center is there any way to get in on the action, without just sending a market and hoping that someone takes it? Wanted to give an example, the other day I was trading NRG and i was noticing size prints all over the market on their mid day news release, now im trying to get out of some size on my own, and i see prints go through at like the .52's for about 50k, this size was a group print above the offer, so i expected a little slippage on what i was about to send, anyways i send 20k to the .55's as a lmit bid, now another print goes through at .56 for 50k, i send it three cents up again, print goes through AT MY EXACT PRICE OF THE LIMIT BID but none of it is given to me, everytime i would bid the stock up the size prints keep getting higher and higher, even though none of the size is actually showing, eventually i senfd a market to get in on one of these prints and the spec just bends me over, and then brings the price right back down, I have noticed this numerous times that the spec seems to want you to send a market order so he can just rape you, and every time i try to bid into where size prints are going off they will just up the size prints a few cents higher, even when i send orders for like 2k it seems to travel away from me, lots of times i have also tried timing the size prints with a market order, but the print will go off then my market will fill like 20 cents higher. Any in put on how someone from off the floor can try to get in on these prints would be much appreciated, although im pretty sure im just screwed since im not on the floor. any input from people moving size/ex floor traders would be greatly appreciated. thx -Dan
Pay a floor broker for Direct Access, or do business through an Institutional desk. If you have no idea who the players are, or what they are doing, you will never trade with them. Plenty of desks will do .02 business and give you a little color. el surdo
yep, and that is exactly what the specs do, i was wondering if anyone out there had some ways/tricks of getting in on the group print, besides this way which obviuosly doesnt work.
as in .02 cents on the share?? i mean if im just giving them the order to work out of it slowly it does me no good, i can trade my way out slowly just as efficiently as they can its just a big waste of time, so are you saying that i pay .02 cents for the shares and they get me in on the next print??
If you pay a broker you might get color as well as a better execution. For example, you are long, and he sees a huge buyer, you give him the order to sell on a cleanup. Get it?
Gotta pay to play!!! Why don't you use a floor broker? When doing size it helps having them even though it may cost a little more than normal. Dot orders are treated a little differently vs. the crowd.