I trade primarily NYSE stocks as well, and have been "all encompassing tape reading" for quite some time. The only point I was making is that trade throughs are allowed with the hybrid system when the Specialist takes over manually. From the NYSE: Slow Market The market becomes âslowâ or converts temporarily from a Hybrid Market to an auction market so as to enable specialists, floor brokers and customers to interact with quotes and orders manually, with the objective of enhancing liquidity, reducing volatility and discovering price. Certain market conditions temporarily trigger a slow market, including gap quotes, trading halts or reaching LRPs. The slow market can be traded through. Don
100% agree with you. I completely forgot about slow market, when specialists have to step in and provide liquidity. Here is an example of LPR triggered on DJ 06/21/2007 @12:15:17pm: ... 12:15:18 61.29 x 61.30 1 x 4 12:15:19 61.29 x 61.30 20 x 4 12:15:19 61.29 x 61.30 1 x 4 12:15:20 61.29 x 61.30 20 x 4 12:15:20 61.29 x 61.30 1 x 4 12:15:26 61.29 x 61.30 20 x 4 12:15:26 61.29 x 61.30 20 x 1 12:15:27 61.29 x 61.30 1 x 1 12:15:28 61.29 x 61.30 20 x 1 12:15:29 61.29 x 61.30 1 x 1 12:15:29 61.29 x 61.30 20 x 1 12:15:29 61.29 x 61.30 1 x 1 12:15:31 61.29 x 61.30 20 x 1 12:15:32 61.29 x 61.30 1 x 1 12:15:34 61.29 x 61.30 20 x 1 12:15:34 61.29 x 61.30 1 x 1 12:15:38 61.29 x 61.30 1 x 1 12:15:39 50s60.96 12:15:41 7s60.76 12:15:47 96s60.29 12:15:56 60.16 x 60.25 6 x 8 12:15:56 60.11 x 60.25 5 x 8 12:15:57 60.11 x 60.25 5 x 12 12:15:57 60.12 x 60.25 1 x 12 12:15:57 60.11 x 60.25 5 x 12 12:15:57 251s60.57 12:15:57 60.11 x 60.15 5 x 4 ...
Thank you for your email. Trades that are negotiated between institutions or are reported late are two examples of how a trade might not execute or are reported outside the bid or ask. Please let us know if you have any further questions regarding your account. Sincerely, Jon M. Scottrade, Inc. www.scottrade.com www.ScottradeElite.com