i am probably reiterating mostly, but what is difficult is liek talked about he doesnt change the quote so oyu dont know if a print is coming or not and where it will be printed, but what can be good or bad is where i guess the updated quotes end up, aome times i get one of these "stealth fills" and then there is already a b/a to hit for a quick scalp when the market basically doesnt change.... what really SUCKS is the big prints arent as clean, he no longer prints one big block at a sweet fill, rather he prints several so if you dont happen to have the b/a at the best outside price, you kinda get ripped, although just past couple days it seems to be going back a little to the "old" way at least in the stocks i trade, gues have to see how it pans out....survival of the fittest!
It's all about what kind of money is in the market. I believe there is LESS dumb money sloshing around than there was. It's pro vs pro, and therefore, the specs need to be very careful about the prices they give you, because they can't lay it off at a profit. So they track the futures, because that's what the pro's are using to try to get an edge over them. As soon as Grandma comes back with her market orders, they'll be glad to throw you a bone.
Liquidy quote fills in full effect today. I am having the hardest time reading what is going on when they are printing size out of the money on both sides. It really makes the inside quote a bag of dog shit. Don't know why they even post it anymore. Just make the liquidity quote the inside quote. Also I can see how hitting the liquidity quote out of the money on both sides can be a good way to paint the tape
NEW RULE IN EFFECT NEXT WEEK: i just got off the phone with the NYSE and starting next week if the liquidity quote is 10 cents away from the inside b/a of 100s and 5 cents away from that, and if there is a 1x1 when you submit an order 5 cents under, then the specialist now sends moose and rocco to you trading station to give you a swift kick in the balls and lift your wallet... are those specialists just still bitter about the NX...i think i would rather concede the NX if it meant price improvement the old way vs. the new proposed liquidity way...
You are a funny guy. By the way how how that price improvement been treating you? Have you seen a big difference on your filled orders? I know it is very hard now to tell where he is going to print size in more liquid issues because he hits both sides now out of the money. Actually I did not fully understand your explaination of the rule taking effect. What is the deal with the liquidity quote 10 cents away?
HEY! Ya can't have it both ways, that's the specialist's job! Hell, it sounds like the way things are going, you can't even have it one way!
Not that my opinion has value for your purposes, but prints outside the spread seem like a huge liability for trades longer than scalps too in a mech system. i've been watching these and wondering what the hell makes this possible/fair. i'm totally fresh in my transition from joe public to joe trader. just switched from tardo scottrade training wheels to IB today. Can someone reccommend info that covers the must-know rules of order routing, specialist behavior, ecns, etc? Or is this type of knowledge always obscolete, and everywhere in small pieces?
Finally some kind of answer for now on how limit orders will be treated with those large block prints outside the quoted spread. Here is what I got from www.traderbulletin.com. The NYSE amended its Rule 1000(v) that pertains to block cross (Rule 127) trades. When traders wish to cross blocks outside of the prevailing quote, the specialist will now publish a bid/offer that is more than five cents from the last sale in order to turn off Direct+. Limit orders entered at a better price than that new bid/offer, and on the same side of the market, will receive the âclean-upâ priceâor the price where that block trades. As is currently the case, incoming limit orders will not be subject to display by the specialist if those orders are to be executed with the block print.
Sounds like good news if that is how blocks will be traded once NQLX is in place. Actually the way they describe it sounds like how most outside blocks are printed right now.