OES is an excuting broker for listed stocks. Most daytrading platforms have my line in them to access NYSE, NYSE Direct+, Amex, Chicago, Boston, Philly, and Arca-Ex. Our site is www.tradeoes.com . We will also be at the daytrading convention in Anahiem next month. We don't deal directly with the public. We deal with the broker/dealers. But you can access me from the software that the broker/dealers has. If they don't have the OES listed line then ask them for OES line. Jeff-- OES
Does OES offer routing/executions for NASDAQ stocks (supersoes, all ecns, selectnet, and coming supermontage)?
the use of bid and offer sizes in deducing direction ...Significant, and changes intraday, by stock, etc. A part of a "larger picture" if you will. Generally if there is a "much bigger offer than bid, then I want to be long (yes long) vs. short. Can someone please explain why you would want to be long on a large offer? Clearly, the market will have to expend more energy lifting the larger offer than it would in lifting the smaller bid. Doesn't going long on a large offer violate the principle of "path of least resistance"? I am confused.....please note that I am also quite new to trading Thanks
I know that stocks tend to trade toward size but before the size on the offer is lifted you know the stock is likely to head the other way first. Size is offered to be taken out, i understand, but it need not be taken out immediately or even in the same day. so again, i reiterate my question: why go long a stock whose offer size is much greater than its bid size?
This is some speculation on my part, but here are some points to consider. This is an interesting question, and I'm throwing out ideas on both sides of the argument to see if other people have counter points or alternatives to think about. Why would the specialist or some other player show his hand on a big offer like that? All of the traders that I know who do very large size are quite careful about *not* showing that size so they won't crater the price if they are offering that much out. I think the specialist will show size in a stock if the trade's about to be done. In this example, he'll show the size on the offer, then print against it. As orders come into the specialist, he will execute these against the orders in his book, and the larger they are, the more it will appear that the price is "moving towards size." If the price is hunting around during a choppy time of the day, then it's possible that once that large size shows up in the level 1 quote, it will scare off or absorb any small buying interest at that point in time, so the stock *may* sell off a little. If another trader's showing large size on the offer, he or she may be trying to influence the stock's direction. That person is probably already short (and clearly willing to risk being short more). Now, if someone really knew which way a stock was going to be trading, why is it necessary to to try to influence it with a large offer? That size could be a resting order sitting in the specialist's book. The owner of that order may be playing on a different timeframe than others are. Would I be willing to try to participate in a bounce off of this size? I guess it depends. Two weeks ago, in a large afternoon sell off, I saw 500K shares come up on the bid at XX.15 in JPM. The market kept selling off, and the half million to buy kept getting refreshed. A ton of prints went off at 15 cents, and after something like 10 minutes, the bid was finally taken away. Guess what JPM did? Freefall..... Because the market and all of the stocks right near JPM were selling off, I wasn't willing to go long that stock even though a very big bid showed up.
Big offers at the high of the day (in an uptrending stock) are meant to be taken out. Conversely, big bids at the low of the day (in a weak stock) are meant to be taken out. These are not hard and fast rules, but they work most of the time. An exception would be a big bid or offer that occurs at the end of an exhaustion move (i.e., a relatively large price spike that occurs after a gradual move). These are riskier plays, though. _______________________________ The trend is your friend! Those that try to pick bottoms end up with smelly fingers!
yes, big size is shown, generally: to attract size; show a trade already done; or a trick by the specialist to get us to facilitate some of his order flow.
if there is a large buyer in the crowd, in a thinner stock, the specialist will push the price up to where either there is another or seller, or to a price where his is willing to facilitate the order. he does this by posting a large bid (a whole number such as 10k, 20k) then stepping it up.
Or Conversely, if the Specialist want to sell his large inventory in a thin stock, how does he generate buying demands to unload his position ? By posting a large bid on Level I to excite retail investors into bidding for his sell orders.