I make the following statements based on empirical data over the last eight months. I send OPG orders on about 100 stocks every day. I have automated a method for sorting out and highlighting those stocks which are indicating outside of the orders that I've sent. So, each day, I can see which of my 100 stocks are "out of line" based on the specialists indication. Some days the list is as few as 10 stocks, others, as high as 40. As a rule, I do nothing with this information before the open, just make a note of it, and watch how they open. Even on earnings days, I will still send orders on that stock, just a smaller number of shares to mitigate risk somewhat. Generally speaking, the greater number of indications suggests that I will have a higher than average fill rate on that day, *but* it doesn't follow that I will be filled on those stocks which are indicated. Some do, and most don't. I haven't seen any correlation based on a specialist's indication for a given stock (in earnings season or out) with whether or not I'll get filled *and* more importantly, whether or not the stock will trade profitably off the open. Some of my best OPG trades have been off of stocks with large indications....as well as some of my worst. So, I guess I'm saying that indications might make a useful "flag" for someone to watch that stock on the open, but in general, I don't think it makes for a very useful trading signal. That I'd leave to managing the trade once you've been filled.
Dave, I look at the same information and have reached the same conclusions as you. A large indication and I make a note of it, but don't adjust my orders.
Yeah, I was frantically checking my program parameters to make sure I hadn't entered something in wrong! Like 80% on the short side. But I kept seeing green, so I stuck with it and it was nice!
EAT is on my list of stocks, but this is the first time I have been filled in it. The funny thing is that I knew EAT had bad news out and I was ready to kill it immediately. I should have been paying more attention to MME, but didn't have it on my "watch list" of potential problem fills because I didn't see any news on it. I check briefing every morning for news. I actually became "paralyzed" on MME because it went down so hard.
a couple of days ago, we had a situation where some ET members noticed that they got a fill on MO (22nd of July) BEFORE the market opened (7 seconds). The same happened to me yesterday with MWD. Anyone had the same experience ? Any explanations as to why this happens ? It messes up my spreadsheet, because the opening prices are recorded incorrectly by eSignal and Redi. Oliver
Cash, I haven't seen Don post in a while here? Is he on vacation or is he ok? Just wondering ....I do lurk and read his OO strategy almost daily.... I enjoy reading his post's and commentary. rttrader-