Daytrading the SPY or QQQ...?

[rtharp]

Originally posted by Avalanche


Anyway my question is this. These things trade on the AMEX, so what is the best way to get a fill. You can go through the amex specialist, island, or arca which is often there. That's pretty much it right? Those three?


Also these other exchanges....boston, cincy, etc. Can anyone here hit them, ever? Surely someone can....but I have never been able to. It sure is annoying when you wish you could though.


Much thanks.

NY is pretty big and powerful and easy to be filled on SPY QQQ

Robert

 

[Pabst]

Originally posted by Avalanche

So does everyone always pick and choose differently each time. I mean if Island is there I'm hitting him, but if all the islands have pulled for a a dime, and you think the move is good for 25 cents, is it better to pay up and hit the dime or would you be better off sending the order through the AMEX?

Also I assume there are tons of hidden island orders that are fractons of a cent inside the ones that do show, is that almost always the case.

Since I trade NQ i rarely trade QQQ but because I often trade QQQ options I keep QQQ quotes from Island on my screen. Rarely do I see the market anything more then 3 cents wide and the times I have have traded Q's on Island the fills have been instantaneous. Cincy which is pretty much owned by the CBOE (regulatory reasons, thus the irony that Cincy is based in Chicago) is partnered with Island.

 

[dotslashfuture]

the options on the QQQ's are extremely liquid, and rarely have I seen a large opening gap on the QQQ's. As far as daytrading is concerned, I would think there would be better opportunities in individual stocks or in the futures, but that's not my specialty at the moment.