Sounds like a great possibility! And that may change the way many NYSE stocks trade now which may not be a good thing after all!
I agree with I'mlong...spreads will widen, specialists will use the 5 cent rule to control the plus and minus ticks
I think changing the NX rule to allow more than 1k shares trade will hurt traders. As of now, when the Specialists puts up a 100 share market ( 10 x 1 or 1 x 10) NX is deactivated for the 100 share side. We all know Specialists are crooks so by changing the NX rule I think the result will be just more (many more)1 by 1 markets. Just my opinion. Let me know if you guys think I am way off here?
no it wont be like trading in 1/8ths and 1/4s because youll be pennied every single second of every single day......to paraphrase Churchill.....never have so many fought so hard for so little.......and its gonna get worse.......if the cocksuckers press it we'll probably have to go and try and beat the computer systems over on nasCRACK.......or completely abandon equities andtry and trade crack spreads
The way I see it is, (my opinion maybe totally wrong) If their gonna allow you to buy more with nx and everyone starts increasing size, their just setting us up for slaughter. You see the tape setting up for a decent move everyone piles in it goes up a nickel the specialist starts hitting the bid with his inventory (I'm sure he knows when people are nx'd) and since you can only trade on the long side when you want to and can't go short when you want to you'll probably get screwed. I don't think they have ever made a rule to help us. I've been trading for 7 years it's been tougher for me. Good luck
Ok, Let's set something straight. The specialists do not make their living from the day traders. If you really believe that the specialists live to screw us and take our money, you need to take a look at the bigger picture and see that there is much bigger game over bigger time frames out there. Yes they do screw us and take some money from us which you can see get more and more significant with lower and lower volume stocks (Hint: the lower volume stocks have less bigger game to catch hence by process of elimination, who is left?). So, The whole NX mess is due to the day traders. The stupid NX monkeys which just cannot stop NXing for no reason constantly mess up order flow and longer time frame trades. It's just amazing to watch the specialist to pick up all sellers at .01 and then some moron NXs the figure. Pure idiocy. It's like these shmucks want to make sure they do not get any price improvement. Besides that, these NX monkeys strongly undermine the value of a market order. I personally use market orders often and prefer them to NX, unless I have to NX due to the shmucks messing up order flow. If you trade the stock with the specialist you would be surprised how well market orders treat you. I wish they would get rid of NX completely to bring back value to simple limit orders and market orders. NX is not used to give "more electronic trading" as suggested by NYSE. It's used by monkeys to pretend to trade without a simple concept of how NYSE stocks trade. So apparently this new NX proposition is to allow the NX monkeys to NX each other to death. You can forget going market or using limit orders during NX mania in a stock. Just gotta stand aside and watch the monkeys churn.
would prefer a complete eliminaition of nx?.........I would actually prefer a minimum amount of 1000 shares to nx but then that defeats the whole pretzel logic that is nx doesn't.....oh well....must be more and more selective going forward. grimer11