Don's Openings, Part 6 2003

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I was wondering how the opens went today. I've found that they generally aren't worth it when the S&P's are so flat, regardless of the envelope.

What have you guys found in relation to this?
 
My research and experience shows that if you play many more stocks on the flat days you can make a little bit on alot of stocks but have to do it quickly. My belief is that there is much more "noise" on these openings since the pre-open spu moves don't influence every stock. I also definitely stay away from news stocks and sectors on flat days since there is always so much action concentrated there when everything else is flat.

Also, these days give you the best chance of getting filled on both longs and shorts which then minimizes your market risk in the event of a big spu move right after the bell.

All of this is JMHO based on many months of recordkeeping and research.

that is all.

BigMike
 
Since we never know what particular stock may have excess buy or sell opening orders, it makes sense to place the orders for your primary stocks everyday. We're looking for consistency, and oftentimes we are surprised as to which stock/group will be profitable early on.

Remember the the primary mindset is that we want to be "on the same side" as the Specialist.....for the opening trade. I will always place my "bets" with the people who are in charge of the pricing.

Don
 
Made up for yesterday....only filled on BMY. "Read the tape" to see that it was the only drug stock up this morning....kept lowering my bid, between the NYSE open book numbers......placed at 26.92.......they spread the bid down to 26.88, got filled on the "trade through"...+$440 textbook example.!1

Don:cool:
 
Quote from Don Bright:

Made up for yesterday....only filled on BMY. "Read the tape" to see that it was the only drug stock up this morning....kept lowering my bid, between the NYSE open book numbers......placed at 26.92.......they spread the bid down to 26.88, got filled on the "trade through"...+$440 textbook example.!1

Don:cool:
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This must've been a bullet short, right? The openning price was $27.1 which was a downtick from yesterday's $27.15 close ...
Do you normally take out bullets pre-open? Wouldn't this become expensive over time b/c the majority of your bullets are not used when the openning price didn't get executed?

Thanks,
NJGrinder
 
Quote from NJGrinder:



This must've been a bullet short, right? The openning price was $27.1 which was a downtick from yesterday's $27.15 close ...
Do you normally take out bullets pre-open? Wouldn't this become expensive over time b/c the majority of your bullets are not used when the openning price didn't get executed?

Thanks,
NJGrinder
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Nah, I think you're mistaken. BMY closed at $26.87 yesterday, opened at $27.10, and I covered at 26.88. Be sure that you're looking at the NYSE closing price.

I rarely use bullets before the opening, since the market rarely is indicated that much below the prior day's close.

Don
 
Quote from Don Bright:



Nah, I think you're mistaken. BMY closed at $26.87 yesterday, opened at $27.10, and I covered at 26.88. Be sure that you're looking at the NYSE closing price.

I rarely use bullets before the opening, since the market rarely is indicated that much below the prior day's close.

Don
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Hmm, that's weird ... Here's the BMY's NYSE TOS from AT Financials near the close yesterday ... Didn't look like it traded below $27 at all ... Yet, MSN does show a prev close of $26.87 but Yahoo shows a prev close of $27.15 ... Very confusing ...

30 16:03:30 N! 27.15 853,200
30 16:03:25 N 27.15 32,700
30 16:03:02 N 27.15 700
30 16:02:57 N 27.15 430,000
30 16:00:16 N 27.43 700
30 16:00:13 N 27.42 3,400
30 15:59:56 N 27.40 3,800
30 15:59:54 Na 27.44 1
30 15:59:54 Nb 27.40 219
30 15:59:54 Na 27.44 1
30 15:59:54 Nb 27.40 82
30 15:59:53 Na 27.44 1
30 15:59:53 Nb 27.41 137
30 15:59:53 Na 27.44 1
30 15:59:53 N 27.41 35,400
30 15:59:45 Na 27.45 303
30 15:59:39 Na 27.45 303
30 15:59:39 Nb 27.42 164
30 15:59:38 Na 27.45 304
30 15:59:38 Nb 27.42 164
30 15:59:36 Na 27.46 1
30 15:59:36 Nb 27.42 164
30 15:59:31 N 27.45 24,400
30 15:59:21 N 27.45 9,900
30 15:59:20 Na 27.46 1
30 15:59:20 Nb 27.45 205
30 15:58:51 Na 27.46 1
30 15:58:51 Nb 27.44 1
30 15:58:51 N 27.44 2,900
30 15:58:48 Na 27.46 1
30 15:58:48 Nb 27.44 29
30 15:58:48 Na 27.46 1
30 15:58:48 Nb 27.44 30
30 15:58:48 Na 27.46 1
30 15:58:48 Nb 27.44 1
30 15:58:48 N 27.44 100
30 15:58:48 N 27.44 24,900

NJGrinder
 
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