Trading the NYSE intraday

Discussion in 'Order Execution' started by candletrader, May 17, 2002.

  1. very very very bad idea...
    #61     May 21, 2002
  2. shneed


    My biggest problem with trading NYSE stocks is picking stocks to trade before the open. When trading NASDAQ there are plenty of services that show you which stocks are gapping up or down pre-market. As far as I know nothing like this exists for NYSE stocks. Maybe someone knows here. On the other hand when the market opens, and if you have access to NYSE Direct, NYSE is a lot easier to trade then NASDAQ. There are many reasons for this, price improvements, less noise, its easier to follow one specialist, then 10 market makers that are selling through an ecn while showing size on the bid. I never thought I would say this, but most of the time I try to trade stocks that have no ecn activity in them. Personally I think that decimalization in connection with so many ecns killed scalping on NASDAQ. Even to this day there are so many pennies to go through to make even 10 to 20 cent profit, it seems like there is ecn offer or bid on every penny level. On NYSE this is less prevalent. Anyway, if anyone has any ideas regarding picking stocks pre-market, please let me know.

    #62     May 21, 2002
  3. aura0663


    I don't know what software you are using, but RealTick offers a gappers scan
    #63     May 21, 2002
  4. achu717


    Can NYSE specialist hide orders? And how does one to find out the size of hidden order?:confused: Instinet used to be able to show size of 1 and reserve size of 100,000 undisclosed.
    #64     May 21, 2002
  5. shneed


    Not for NYSE

    #65     May 22, 2002

  6. Most of our traders (as in many firms) pick a few stocks and trade the same few stocks day in and day out. "Picking" stocks for the most part just does not make any sense....since you don't get to know the Specialist, how the stock trades, all the fundementals, etc.

    We love it when one of our stocks starts popping up on someone's "scanner" and they dive in trading blindly. This makes trading a lot easier...don't ya think?

    #66     May 22, 2002
  7. davealex


    Are opening indications for individual stocks available anywhere (besides the floor)?

    I believe they disseminate indications to the tape with codes of I for imbalance, P for news pending and D for news dissemination. But my TAL data does not start until the first trade.

    Anyone know why? Is this a TAL issue or a NYSE issue?

    #67     May 22, 2002
  8. 1reason, what listed stocks are liquid on ISLD? I'd love to know.
    #68     May 26, 2002
  9. tntneo

    tntneo Moderator

    mostly the big caps part of the main indices (dow, S&P500).
    #69     May 26, 2002
  10. shneed. unless i'm mistaken, if someone beats you to the fill w/direct, unless there's stock to be had (when buying), it goes 100 offer until the specialist requotes. direct orders needn't be filled if the size is 100 shares. Order will wind up on book unless specialist decides to take contra. Once that happens, he's in control again....
    #70     May 26, 2002