I would highly recommend avoiding all SP boxes...the pit is dead and all the volume is on the screen.
That is BS. All the big players are still in the pit. Of course there's more volume on the screen. But that doesn't mean the pit has got no influence anymore. Last fed meeting, there was a big move down, then a retracement. AFter that retracement, Borsellino (the biggest local in S&P pit) pushed the market 8 points lower. I heard him do it. And the minis just followed. So there's definately an advantage when u use a squawkbox. -SL.
what squawk are you using, tradethenews? I've been using that service for a few months but i have a real hard time distinguishing individual traders and brokers in the pits. Does your service play without a market commentator talking throughout? Or have you just been listening long enough to identify the different players?
I'm sorry, I forgot to tell which one I'm using. I'm using the www.tradersaudio.com squawkbox. They quote bid/ask, tell you whether merrill, goldman, chicorp or other paper is buying or selling or whether it's a local or a group of locals pushing lower or bidding it up. He tells you what size they're doing. Especially on busy days I wouldn't know what to do without the squawkbox. Give Ben a call or sign up on the website around a FED day, FOMC announcement or FED minutes etc. And listen in to the squawkbox then. You'll see how usefull it is.
Borsellino? are you sure? He owes the merc $$ for some fines and i dont think hes been there in over a year. I really doubt one local pushed it lower by 8 handles. the locals are glued to that mini board and make there markets around that now. i really think the mini leads the way. Im glad you can find some use for it. good luck. Jim
thx SL. Joey wasnt huge when i worked down there, but im sure you could pick out his voice. the guy sounds like he drinks a glass of sand before trading each morning. haha again, glad u can find some useful info from the squawk. good trading! jim
When did you leave the merc then? I heard from a guy who works there, he's been one of the biggest there since Lewis left. Lewis got banned cuz of illegal trading? Good trading to you too! -SL.