...several posts deleted.... For the record, I am deleting any new posts that are making reference to the previous tangent on wars or history, or less-than-generous comments against races of people. This is a good thread with plenty of pertinent information. I'd like to keep this on-topic rather than close the thread. Thanks.
Thank-you Lobster for at least posting a dissenting view. What worries me about the direction the country is going is the lack of a"loyal opposition" and therefore the lack of any real debate on where the current leaders want to take us. If I am to believe to news media everyone agrees with the President and are quite willing to give up their rights for "greater security". While the ISLD problem is I suppose small in the big scheme of things it does represent the irony of our pro-business "get the government off our backs " adminstration. I guess there is no irony if you consider it to be a pro-BIG business " lets get the government off their backs and put it on the little guys where it belongs" administration. Like I said glad to hear some dissent.
I've been trading today still routing to ISLD....sending a bit above ask on buys and a bit below bid on sells. So far fills seem to be pretty good...for the most part pretty fast...some trades are maybe a second slower than the usual instant fill, but not enough trades yet to get an accurate read. --Derek
This situation with QQQ on Island shows Wall Street, and SEC at its âbestâ!!! Shame on them for killing legitimate competition, and pushing people in reckless arm of specialists, for making us pay today more and getting less⦠But, We will prevail!!!
Seems to me Island is still the best place to place a resting limit order above or below the market. One troubling thing is that IB is not going to smart route to island, so that eliminates the best place for market and stop orders with smart routing to get executed. Tradestation has said that their intelligent routing will still route to Island. The question is how is their system going to know if Island has the best market at the time it is routing the order. (I use both brokers, so these are concerns of mine.) Also, I would be very hesitant to send a market order, or route a stop market order to island given that I cannot see what the market is, and it has to lose some liquidity based on the fact that alot of the DA brokers intelligent routing systems are going to ignore it (At least that's my assumption, I haven't researched this beyond Ib and Tradestation.)
Maybee this becomes the end of the value of these incredibly useful tools, namely ETF's. Chipping away at the facade usually causes unprecipitated collapse. These chips have already destroyed, without hope of revival, the ISLD trading crowds. Obviously, the lopsided NYSE/AMEX "book issue" revailed with those whom the politicos could get a check from. The public, really doesn't exist, other than in some philosophical conversational basis, especially when it comes to putting a check to influence passing rulings and laws. They don't exist. Fighting a rear guard action, after they've changed the rules leaves only one wise course. Return to the other forms of individualized stock trading, instead of baskets. Obviously they want their games back. Too many of us have slipped through into their ranks, and they've prefer the smoke filled rooms, dark, dank, stentchy and filled with stale cigar smoke. Hey, somebody close that window!
All I traded was SPY's. The AMEX specialist must think he died and went to heaven... He gave the absolute worst fills that I have ever seen go across the board today. The spread was always at least .15. and Island wasn't there to keep him in line. How is that fair to us....I couldn't get a fill. I offered .02 above the AMEX offer and if I got filled, the offer would drop like a rock by (at least .10) unless of course I wanted to get short then the offer would jump by .10 after I got a fill. Or, I would get filled for 100 shares only. He was clearly ignoring limit orders all day long and moving the spread. I wanted to sell 2k. The bid was xx.73/10,000 by xx.85/1000. I bid xx.70 .03 less. than the bid and I got a fill of 100 shares and the bid went to xx.64. I will never trade the EFT's again. Hello Chicago!!!!