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No, the situation is bearish: If the stock is trading lower and this bid is stale, it would get an immediate hit by an aggressive seller (he'll be more than glad to take such quantity at one price)! If the stock is trading near the high and this bid shows say on a plus tick bid, most...

When I read the tape, I look at every quote and every print trying to recognize some patterns. Every bit of information counts. For liquid stocks or futures you simply cannot do that by the speed of the quote and trade tapes. It's only doable for small/mid cap stocks.

Tape Reading is spotting an aggressive buyer or seller by looking at the price/volume action and recognizing some patterns. It's relevant for listed stocks where specialist/floor brokers still play a role, and one can spot their hands on the tape (even with Hybrid). You cannot do that in...

Yes. Don't forget that TDA may have an ability to cross orders internally (and then print it on a regional exchange). Not sure that you can look at the tape from a market center (other that NYSE) and see prints (other that cross/late prints) inside of BBO.

Well, technically you cannot quote a price better than NBBO and not be a part of it (exchange self-help is one of few exceptions)... But NYSE may hold an NBBO say on bid and the specialist stepping in and provide a price improvement, resulting the print inside of NBBO spread.

You have to define the price improvement. Is it an improvement over NBBO, or on a particular market center? Usually, when people talk about price improvements they mean executions on NYSE.

a) I wasn't getting price improvements, I was watching. My point is that the specialist sees only a fraction of the picture these days, so you cannot rely on the fact that if the specialist is buying then the stock going hire or vise verse. b) On NYSE the specialist is the only party that can...

First of all, you have to be damn certain you see price improvements because tape reading is very tricky these days. And it's not necessary that the stock will go higher. For example, the specialist may dump the position to free up cash (and he wants to do that fast). Recently, I saw numerous...

According to the rules, the max time for LRP is 10 seconds, but I've seen slow markets longer than that.

150 shares order is not an odd-lot per se, and it would definitely get a hit if it was GTC because of the NYSE priority/parity/yield rule.

Especially for you: his limit buy order was cancelled @ 4:00pm as being a day order, and the specialist closed the stock the stock a couple minutes later (as he usually does). Shall I repeat it for the third time?

During the slow market all automatic executions are unavailable. You cannot hit bid/take offer if a quote stamped as slow (E,F, or U in quote condition in the feed). That's the reason why NYSE was rejecting the orders.

Nothing mysterious here - know the market you are trading on... That order was a "day order", so the rest quantity got canceled at 4:00pm (done for day). Later the specialist closed the stock with the sell imbalance by hitting the GTC orders on the bid side.

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Everybody knows IB market data sucks. Use third-party market data and IB to route out your orders.

IMHO it has nothing to do with the liquidity. Every market center has it's own rules when it comes to dealing with odd-lots. It's not the question if the stock is NYSE listed or not, the question is where did you get your fill.

Where your order got routed out? If it was routed out down to NYSE, you had to wait for the next round lot transaction the get your odd-lot execution. That would explain 9 seconds delay.

Well, the specialist don't see the whole picture these days, and makes the same mistakes as we do... Sometimes I see price improvements on the sell side for a stock with an aggressive buyer.

Don't forget about price improvements by the specialist. They do not happen so often as they used to, but still....

Here is NYSE tape (prints only) 2008-02-19 10:01:14,73.03,200,T,N,43048,@ 2008-02-19 10:01:55,73.01,100,T,N,43087,@ 2008-02-19 10:03:14,72.93,300,T,N,43117,@ 2008-02-19 10:03:14,72.94,100,T,N,43118,@ 2008-02-19 10:03:15,73.03,100,T,N,43120,@ 2008-02-19 10:03:20,73.04,100,T,N,43129,@...