Something is fishy in the overnight session

Discussion in 'Index Futures' started by nitro, Feb 22, 2004.

  1. nitro


    I am watching NQH4. Here is what I see:

    23 1485.00 x 1485.50 28

    Now, the offer steps away and the market goes to

    26 1485.50 x 1486.00 23

    Then the bid steps away and the market goes to

    22 1485.00 x 1485.50 30

    During these "exchanges," no trades went off.

    Now, these bid/offer changes are happening almost simultaneously. So I have to ask myself, in each case, if the bid that was stepping up or the offer that was stepping down is willing to be filled at those prices, why aren't these people simply taking the offer when it was there instead of stepping up only when the offer backs away, and vice versa for the bid?

    I don't get it - it isn't as if there are other markets open for these people to play "fair value."

    nitro :confused:
  2. Something is always fishy in the off hours.

    Autoquoting programs ...
  3. Want to see it again ...
  4. nitro



    Yeah, ok, but what the hell are they basing their "autoquotes" on? Nothing except Europe is open.

    It is as if they are willing to be filled only if someone else initiates the trade, even though the fill price would have been the same! Maybe people are getting paid to add liquidity to the overnight spoos? :eek:

    I guess the bonds are open too.... Hmmmm....

    nitro :confused:
  5. It's me.
  6. Quoted on air waiting for news ...
  7. Banjo


    I see it often, I think it's simply the same entity on both sides doing a little fishing.
  8. That I would bet against ...
  9. Against an existing position ...
  10. I'd say it's more likely than not a spread trader. I'd look to the SP or maybe the Dow futures to see what they're doing.

    #10     Feb 22, 2004