Adapting to the Hybrid

You are right Steve, once the stock hits its corresponding LRP the stock will go to slow mode for a maximum of 10 secs or until the specialist hits the GO key. Thats how the NYSE explained it on their webinar back in October.

Quote from Steve Tvardek:

The firm I am at has the LRP's built in to the level 2's so that you can see when the price hits an LRP and the corresponding price action. I dont know this for sure, but in my experience once it hits an LRP the price stalls for like 5-10 secs and then the new LRP is calculated and the stock then resumes electronic trading.
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Don Has nentioned "tapereaderpro" as a scan to find sweeps
does anyone know how to find tapereaderpro? a google search came up with nothing
 
I think this is a great thread. I have been looking to get a feel of what other traders think how the nyse hybrid market will affect the day trading of listed equities. I'm not really sure what to think thus far, but it seems like a much higher risk/higher reward scenario. I know that when you are wrong you really get punished becuase these stocks fluctuate so much. Any other thoughts, comments, suggestions would be greatly appreciated. Thanks!
 
Quote from kwancy:

Another thing I notice is some hybrid stocks just have crazy New York prints at the open and close. The specialist (or the hybrid algorithm) seems can fill whatever he feels like and out of the money, more severe than that of previously before the hybrid.
anyone want an example please check out the tape of C.
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you want to see a wild opening look at MO yesterday from 6:31:04 to 6:31:05 ------1 second
 
Quote from skulltrader:

You are right Steve, once the stock hits its corresponding LRP the stock will go to slow mode for a maximum of 10 secs or until the specialist hits the GO key. Thats how the NYSE explained it on their webinar back in October.
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What are the characteristics of slow mode?
 
Specialist steps in and matches buyers and sellers which takes a few more seconds than when the electronic orders and zipping
all around.

Quote from wilburbear:

What are the characteristics of slow mode?
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can someone explain why my market orders on hybrid are no better (and many times worse) than they were before?
i have on several occassions seen over 5k on the offer and i will market buy 5k immediately and get an average price 2-4 cents above the offer... how can this happen with the hybrid?
 
It shouldnt happen, but I am sure there are still many kinks to work out. Over the last couple weeks the NYSE has had some floor issues where a bunch of stocks were down from NYS trading for like 30 mins while the ecns were still active. Also I have noticed that I have had partial fills (and the rest of the order is floating for like 30 secs, and not at an LRP) when I buy market when in reality I should have gotten the whole thing off instantaneously. There are definitely still issues that need to be worked out and unfortunately its affecting our P&L's in the process.

Quote from bonds:

can someone explain why my market orders on hybrid are no better (and many times worse) than they were before?
i have on several occassions seen over 5k on the offer and i will market buy 5k immediately and get an average price 2-4 cents above the offer... how can this happen with the hybrid?
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Quote from Steve Tvardek:

Specialist steps in and matches buyers and sellers which takes a few more seconds than when the electronic orders and zipping
all around.
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And slow mode can only last a maximum of 10 seconds?
 
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