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Somewhat cryptic but that was the "S&P incr %" number. It looks like IBM not only opened lower than the expected fair value but also lower than the previous close. I wonder what's up with that.

I'd like to walk through a basic calculation to make sure I've got the gist of it. I'm sure there are many tweaks to this, as I already have some possible improvements in mind: (data as of around 9:15 EST today) IBM close 123.61 IBM Beta 0.95 S&P incr % 0.0083 envelope 0.5...

You should come up with a cryptic acronym and never tell anyone what it means. The first rule for success is secrecy.

How much of the price movement to Fair Value is the specialist buying/selling and how much is other folks like funds etc rebalancing?

Your best bet is probably to prepare a lot for the GMAT. - Take a practice test, don't freak out if you score rather low - Work through workbooks, learn the patterns and types of problems that there are - Take more practice tests - Repeat until you are scoring above 700 - Take the test...

Do any of you use correlation between a stock and the index you're measuring FV with to find stocks that are good to evaluate for opening orders? Seems to me that those stocks that are highly correlated would have a stronger 'pull' toward FV. This is all if I'm understanding the strategy...

Always willing to listen.. What are your thoughts on Opening Only strategies?

Hi Folks, Does being a regular employee at a non-financial firm (let's say for example a guy working in IT at a University) preclude getting Series 7? I've worked out a deal where I am off from 9:30 - 10:30 in the mornings and I'd like to trade prop during that time period with the...

Does an account need to be approved for 'blackbox' trading in order to use the API? Eventually, I'd like to take a list of tickers and corresponding +- shares in excel and execute orders without having to type the info into Anvil. This might require an API hook but the set of orders would be...

Diversification is cool except when it means you can't effectively compete in any of the areas. I would pick what you think is the best biz and make a go at it. Limit your losses if you fail so that you can try another biz after. Set milestones that will measure whether you are failing or...

I think the bottom line is that, once you are a successful trader, you can find the deals that make the most sense to you whether it is working for a split or 100% on your own.

A couple of questions: - Does doing 5k shares average per day get someone half the desk fee rebate? - If I trade baskets of about 10 names with, for example, 200 shares avg per name - do I still pay .01/sh? Thanks! :D

Chicago Mellon University? :D

The answer can't be 2. The _best case_ time is 2 whether the first move is to B or D and then back to A. It's impossible that the best case time would be average when we need to account for longer travels to C and more lengthy returns therefrom.

I see that Avatar, Trillium, and SMB Capital share that trading floor area. Is there a company you three are working through that handles that stuff?

I've never met them but I would guess that _any_ group that is the least bit selective in this industry (i.e. interviews that aren't a joke) will have negative stories about them. It ain't GS but my impression is they are backing these folks just out of undergrad with no capital contribution.

Did they say whether the NYU girl got the job? We didn't see the whole interview but based on what we did I'm not sure I'd hire her.. SMB seems like a sane place with level-headed management though just based on how they presented in the show.

My guess is that they extend deals to some very promising folks without capital contribution and require capital contribution from others.

Sorry to hear that. I'm interested in them, too, but haven't even made it to the test/pre-interview stage. I had a phone interview with another options shop (rejected). Had an interview with a local hedgie today. I have a phone screen with one of the big 5 next week. But that is the total...

What are the rates paid to the clearing firm? Does it depend at all on the amount of leverage used?