I fully disagree......you just have to know HOW to use it (with DTN.IQ feed and only 1 second delay from realtime). This is one of a few market breadth indicators I pay attention too.......btw, do you know what BUY and SELL program patterns look like when they hit in Equities?
Again NYSE Tick is useless - if you want to do it right get a proper data feed and track the 500 issues only.
Why do you guys have a problem believing someone is short 67 contracts? If he said he was short 1000 - then I would say Bullshit. Since I know he trades retail. :]
Nope...I don't like only tracking the 500. I like tracking the BUY/SELL program activity of the entire NYSE for what I do. Also, "market order" driven order flow tracking in the ES is ALWAYS going to tell me the futures reaction to Equities activity just as fast as anything else.
I have the same outlook on trading. I try to stay away from big trades and generally do not go with more than 4 to 8 cars, 16 being a once a month set up. Like I said I got cought with my pants down. If it were not for vacations I would not worry much since I think the market will return to 1200 in January. I just do not want to hold onto this trade through the Christmas period as I am going to see my family and wanted the time to be completely off from trading. One of the reasons I have increased the size to 67 cars was to be able to get out of it asap with some profit keeping only a couple of cars in play till 12/15.
Why would you care what 100's of companies with less 100 Million market cap are doing. Please explain. If your trading the S&P 500 does it not make sense to have a custom TICK tracking the 500 companies only.