Im wondering if any of you trading the minis find any value in watching level two for some of the major stocks to get some clue where the big boys think the market is going the next few minutes.
I like to watch the bank index and the SP cash index for clues as to movement in the eminis. Often the eminis exaggerate moves a bit, and the cash or sector indexes will follow support/resistance more clearly. Like nitro pointed out, watching some of the key stocks that are heavily weighted in the index can provide clues too, but I do not make use of LII.
I've been using level 2 to watch the market and determine when is the optimal point to enter/exit a position (within a tick or two). This may not apply to many of you out there...but for a full-time student/part-time trader like me with a very small account, a couple of ES ticks is a big deal!