the ARCA feed is too slow - the island book is closed - this is like trading blind - i use RJT with QT. im getting bad fills and im tired of refreshing the ARCA snapshot. im going to stand aside until this is resolved. this is just brutal for scalpers!
Dan posted this today: ---------------------------------------- No More Exchange-Traded Funds for This Trader By Dan Fitzpatrick Special to RealMoney.com 09/25/2002 10:25 AM EDT Let me throw the gauntlet down: I will no longer analyze exchange-traded funds. I get a ton of emails requesting my take on ETFs, but I can't condone the recent Securities and Exchange Commission decision to suspend Island's authority to post quotes on ETFs. As it stands now, the American Stock Exchange has the monopoly on ETFs. Sorry, but this smells like fish to me, and I'm not going to play their game. Several years ago when I first began trading, I quickly learned that the Amex epitomized everything that was wrong with Wall Street. As a high-volume options trader, I dealt with all of the exchanges, from Chicago to Boston, from the Pacific Coast to the Amex. After a short while, one thing became very clear -- I got the worst fills at the Amex. In fact, I soon left a standing order with my broker to never take my orders to the Amex, even if it was showing the best quotes. Here's the bottom line: I'm done with ETFs. Won't analyze 'em, won't trade 'em.
This is exactly what they want to hear. They want to weed out the typical daytrader and solidify their monopoly. If each of us took the time to write our state representative ( http://www.house.gov/writerep/ ) and listed all of our concerns with the SEC and how they are trying to eliminate the small player - 25K equity requirement rule, non-disclosed ISLD book quotes for ETFs, firm analysts betraying the common investor and not being condemned etc. etc. the SEC might react. And I'm sure some of you are saying your representative might not do anything about it. But if they want to be re-elected, then there is a good chance they want to make people, with concerns that they can simply forward on (i.e. to the SEC), happy. It would take as long to click on the above link and relay your concern as it might take to post another message on this board. If you all can't take the time to write your representative and stand up for what you truly love, how much passion do you have for trading? If you really have a passion for trading, are you guys willing to let the opportunity diminish each month, week, day as the SEC becomes more controlling? It's up to traders to raise the flag - the general public / typical long term investor has no clue about daytrading and hence will never address any of the above types of concerns. Now of course if 10-20 forwarded concerns arrive on the SEC's desk nothing will happen. But if you mention this to all your other trader friends and acquaintances, they will add up to 100s or 1000s - then we might start to see change in favor of the small player. There are three types of people in this world: 1. Those who don't care 2. Those who care, but sit back and watch 3. Those who take action What type of person are you? Jer
ive had several correspondences with john polise at the SEC. i filed a complaint at the SEC against the SEC! i sent a copy of the complaint to my local representative. let's face it, the SEC is a shill for big money and i dont fall in that category yet! BTW, if that is what they want, they are gonna get it from me. i am not gonna trade blind - with the isld feed i could feel/see how the market was and when it was moving. with AMEX, i am at their mercy... too many partial fills, too many bad fills, too many non-fills. i am standing aside until this is resolved or will scalp only very high probability set-ups. actually, sitting all day for 3 or 4 high probability set-ups is not my trading plan and really doesn't suit me. i can practice my profession full-time and make more than that! so, im not gonna be stubborn... they win!
hey guys why don't you send your complains to sen. Tom Daschle and give him ammunition to kick Pitt out of the SEC. "My enemy's enemy is my friend"
Notice how this didn't happen when every Tom, Dick, and Harry was trading..... The uproar from the wannabe trader masses would have been more than they could have ignored. Now that most of the "daytraders" are out of the business, the SEC/AMEX figures that the ones left aren't numerous enough to mount real opposition. We are going to have to find some powerful/moneyed allies to defeat this trend. And I don't know who that might be.
You really dont need to trade with AMEX in the SPY or QQQ, the problem seems to be that the other ECN's don't have the same 'mojo' that ISLD does. I suspect it's because the ISLD computers are faster, and you can enter and cancel in a millisecond. ARCA and INCA, are a shade slower, and that may bother some big arbs. And fees? Other than that, they could have moved thier business to ARCA without missing a step.
the ARCA/REDI order flow represents how much of the market? also, tech support for QT stated that ARCA servers have trouble supporting all the data, so the applet price/market depth lag. the problem is that QQQ is an AMEX "stock."
qqqball y dont you start a thread with all the contacts to biitch at? Make it easy for others to down load a form letter and where to mail it. I'm sure the 13K + people on this site can start some sort of action, not to mention all the traders in the branch land.