You PRESUME that Specialists make the market "more efficient" for a given stock. That's their Party Line. Specialists spend 99% of their time manipulating orders for high volume stocks. High volume stocks are the ** most efficient ** part of the market. So Specialists add minuscule volume... and take out big profits where they are LEAST needed. On the other hand... Low volume stocks (< 50,000/day) that most need a market maker... Are ignored by the Specialist until someone like me places a limit order... And then they "penny jump" me with ONE f***ing board lot. The NYSE is nothing more than a massive skimming operation... And would fit the RICO definition of organized crime... If they were not given a license to steal by Congress. rm+ And don't go chumming the after hours ocean like that Longhorns dude.
I'm not trying to "come up" with anything. The issue at hand is THE SPECIALIST and the implied demise due to competitive pressures rather than your eggshell fragile ego. Simply put (not to be confused with options) "He's" not going anywhere. As far as my looking like a fool, your quantity of freely volunteered verbage speaks volumes. Unfortunately not in the context you're thinking. To put it in perpective, I've......eh.......been here longer than you. the ratio is 898 to 51. There's 220 trading days, so the 1.58 is skewed. But no doubt, you also consider weekends windows of opportunity. Just so this post is remotely constructive, and with my impression you're a big bad NASDAQ day trader, consistent with a fool, I'm going to get a little presumptious that you rely on Level II With that in mind and pertaining to YOUR flavor of the day: 1. Who's the ax? 2. Is he long or short? 3. Is "it" all there or will "he" re-load? 4. Trading for "his" own account or acting on behalf? 5. Which way will the price move? 6. Will YOU succeed at extracting profit from it? 7. Do you enjoy the pretty colors as much as I do? You're more than entitled to your opinion on the speciialst. But.........with the self-PROclaimed remark that if "barely" affects you, then what's your opinion really worth? Don't confuse that with your vast net worth (another presumption of mine since you impress the living shit out of me).
Hey efficiency, I was all for ya till you implied naz traders are fools. How much rebate do you get for providing liquidity to the specialist?
You didn't read it right. Read it again. I was stating consistent with MY being a fool. The word "fool" was brought up by you know who. Besides, we can all be fools at times. I've got nothing against the NASDAQ, just find the mechanics of price movement easier to discern on the "big board. Gaps are less pronounced in general. No denying specialists have a license to steal. THAT'S THE POINT, they're not going anywhere. A leopard doesn't change its spots, but it can camoflauge itself in the weeds while lurking for prey. Trading is a predator/prey relationship. Apparently so are trading forums. The moderators might take greater efforts in curtailing/minimizing one line remotely relevant pithy remarks from what are clearly trolls. You agree?
Is there a pilot program to implement the hybrid market system on a few stocks before they roll it out an all listed stocks. If so where can one find a list of such stocks.
I know alot of listed stock day traders are worried about upcoming possible changes. I've heard their voices.
what 'bout da ol' say if u cant beat 'em join 'em: it is very much possible to work with da spec most of da time, especially at da open where he's busy matchin' orders... will give u price improvement most of da time cuz he has no time to match orders 1 by and to 1. would be very sad to see nyse issues begin spikin'up'n'down all day long like naz; can kiss good bye to easy full percentages gains for good.
http://www.nyse.com/pdfs/hybrid_activated.pdf http://www.nyse.com/marketinfo/hybmarket/1127349068564.html Under the hybrid system, floor brokers have the option of completing trades through specialists or routing them through the NYSE's Direct Plus, a five-year-old electronic system that now handles about 14 percent of trades. The exchange plans to scrap limits on Direct Plus that bars orders exceeding 1,099 shares or coming less than 30 seconds apart. To test the system, the exchange upgraded software in brokers' hand-held computers and started a 168-stock pilot program in December. Trading posts that are marked with six-inch-long green plates reading ``e-Quote,'' like the one near Mass, now dot the floor. Brokers approach the post, punch a few keys, and make a wireless trade that sidesteps the specialists and hides larger orders from their competitors.
I never understood this attitude. I can't remember the last time I thought I was robbed by a specialist. nitro