Recent content by Gene Weissman

Just a note. It can be disturbing to find trades in your account that you feel might not be yours. There are several precautions you should take when you are trading via the internet. Be sure that only you have the password to your software and never leave your trading software on when you...

Just a note. Since the Bid-Ask spread is .01 , if you use ARCA(Pro-active) for market orders on REDI+ for example, your EDAT software will seek the the NBBO to execute market orders. If you trade 1000 shares or less in NASDAQ 100 stocks, you will be executed in less than 1 second most of the...

indahook, The AMEX has a specialist system , with MM's in the crowd. Some are locals , others are backed by big trading firms. Gene Weissman E-Brokerage, LLC gene@ebrk.com

Just a note. While a large Short Interest in ETF's may be a bullish contra-indictor , be aware that a large short positions in ETF's may be arbitrage related. ETF's can be hedged with Futures , Options or offset with other ETF's that have a high correlation . A Large Short ETF position may...

GreenDog, I was a MM in SPY's on the AMEX some years back and from my experience, even though ETF's are open-ended, they can be hard to borrow in the short run. ETF's are share's that represent ownership in a Basket of Stocks, like the NASDAQ 100 or S & P 500 index. The shares are...

QQQ's could be hard to borrow at times, but they are open ended and more can be "created". E-Brokerage, LLC clears through SLK and we have not had a problem borrowing them . Call the Bear Stearns margin department or your introducing broker and see what's up...

Just a note. QQQ's are an index basket that can be created with a deposit of a basket of QQQ shares called a "Creation Unit", in a depositary trusts , by a clearing or trading firm .SPY's creation unit was was 50,000 shares and I assume QQQ's creation unit would be similar. Since a unlimited...

bmwstox , There is a conflict of interest in many peoples minds when the "dealer" is also handling public orders and trades for his own account. I would just say that nothing is usually as bad as it appears or as good as it seems. If the NYSE specialist gives bad executions, holds...

axeman, Good point. The "rules" and reality are two different things. That's way many traders now trade NYSE stocks on ECN's. When the NYSE stocks are in a "fast" market, I have had 1000 share orders held much longer than they should be. The reason for this could be system problems or...

axeman, Believe it or not the NYSE specialist actually has rules he must follow. I was a specialist clerk , in my younger days and one of my family members was a NYSE specialist. The specialist is monitored by NYSE stockwatch to make sure he/she makes a fair market. Generally the...

Pabst, This is an interesting topic. I was just giving an exampe of a fragmented market (NASDAQ) vs a centralized market place(NYSE). When the market goes one way, as a former floor MM, I can tell you that most traders will lose money. Remember, as an exchange specialist on the...

Just a note. I think the NYSE in general is a fair marketplace, with problems like any other organization. The role of the NYSE specialist has always been subject to debate. Can the dealer handle public orders and trade for his own account with no conflict of interest? Can Dick Grasso , NYSE...

Daryl Guppy is an equity and derivatives trader in Austraila and covers the Asian Markets. He has a web site called GUPPYTRADERS.COM at www.guppytraders.com/ . Go to his site and give him an e-mail. Elite Trader is mainly for traders who access US stock, Option & Future's markets. Daryl...

dalegrief, Some platforms do not have NYSE Direct or it may have to be "asked for". A regular NYSE execution can be alot slower. The NYSE website & the REDI+ website have rules for NYSE direct. Please ask your introducing broker for rules using NYSE direct. The execution speed for...

gaj , I didn't read the NYSE article you spoke about, however I think speed of execution goes to NASDAQ by far. If you trade NYSE stocks and you used to trade NASDAQ, it seems like you are trading in slow motion. You get no price improvement in NASDAQ, only a faster execution. If you...