Could anyone who has participated in the Nasdaq Arca opening auction elaborate a little bit on how the process works? (ie. what type of order to use, when the the orders are usually placed etc.). Thanks in advance, Pete
Have not used it lately... When ARCA open auction first came out... it was a total nightmare. Everyone was sending market orders as they might at the NYSE and everyone was raking them over the coals. Soon everyone was trying to do the ripping off instead of being the victim. Bids and offers were displayed prior to the open so you knew what price someone was trying to sell or buy and then you could submit your price. Usually a too good to be true price was sent and then you try to get someone to submit a market order on the other side, and then cancel your order right before the open and have your behind price get filled. It was really a total mess back then.... not sure how they have improved it since.
still a total mess... lots of games going on. hard to seperate the real orders from the BS day trader screw you over orders.... mnx
Haven't really looked at the Arca open , but is anyone surprised that its being gamed? 1) If it can be gamed , it will be gamed. 2) See 1
anyone else have any success with Arca auction? This trader at my branch pulled off $16000 yesterday through the auction on nyse. He is not willing to spill the beans though.
Hahaha .......... Talk about the pot calling the kettle black. Wonder if you Swifties will have a day of mourning when the merger is complete and this ends?
What are you guys talking about? You mean when ARCA is turned on in the mornings? I'm completely clueless.....
haha, I tried putting fake orders in a couple of times, but no one went for them... apparently 250,000 shares of LU on an arca cross looks a little fishy... a day of mourning HA! I make a trade on the arca cross maybe twice a month... it's so useless... mnx
today's premarket, i bought BKHM at 8.31, and it dropped to 8.2x it was about 9:29 or so, and i tried to cut the position so i put my offer @8.31 using ARCA wow, filled me @8.49 i never know that ARCA has the price improvement,haha