Charting the Specialist...

Hi,

I was wondering if anyone would could help me locate a charting program
that can show the NYSE Specialist's bid/ask alongside the price on a
tick chart...(I'm looking for the specialist's quotes specifically, not
the Level 1 quotes)
Thanks,
fwop

 

doesn't matter, you can't get the fill there anyway.

 

the specialist controls the direction -- and it does matter -- and you can get fills if he's posting more than 100 shares (using a NX order - Direct Plus)

anyone know of a program to chart his quotes -- I now know one program not to look at...any to look at?

Thanks

 

Well, while you are definitely correct that the specialist more or less knows the direction of the stock based on his order flow, his bids/offers might not be too helpful unless you can discriminate between when his bids/offers are real or when they arent. I trade NYSE strictly and have been for 2 years and have seen many many instances when he posts a bid or offer only to take the stock in the opposite direction. It takes a good sense of the stock/the market and tape reading skills to determine when to believe him or when to be distrustful IMHO.

 

oh, right. I guess I was the only one getting traded through.

 

Steve,

100% correct---there is no doubt that a good sense of tape reading is essential --
this is the skill I want to improve . I actually want to see the Specialist's moves on a chart to begin to understand his behavior...and I'm looking for the software to help me out with this.

fwop