Anyone with AIG in their group of stocks? Did you delete it today with all the news or put in order anyway? Just curious.
Don's Openings, Part 6 2003
- Thread starter Don Bright
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Held AOL too long, but BMY offset it....broke even....traded LEH to get into the black....
Don
Don
OUCH... not a good day. Worst day of the year. (900)
When the market gaps down size and immediately sells off the strategy loses its luster.
This is because your longs don't work and you can't get any shorts off because no plus tick.(ie. FRE )
didnt think every insurance company would get crushed. I knew there would be weakness but jeez. My fault for trading ALL.
Was 3 for 5 but the two losses killed me.
Just have to keep trading the system... and I should be fine.
When the market gaps down size and immediately sells off the strategy loses its luster.
This is because your longs don't work and you can't get any shorts off because no plus tick.(ie. FRE )
didnt think every insurance company would get crushed. I knew there would be weakness but jeez. My fault for trading ALL.
Was 3 for 5 but the two losses killed me.
Just have to keep trading the system... and I should be fine.
Does anyone know the NYSE rules regarding when and under what circumstances a specialist must indicate a stock prior to its opening?
Is there a place to find a list of disseminated pre-opening indications?
Appreciate the assistance.
Is there a place to find a list of disseminated pre-opening indications?
Appreciate the assistance.
Generally the Specialist will send out a pre-opening indication (price range) if the stock appears as if it's going to open 30-35 cents (used to be 3/8). Redi Plus shows all opening indications....which really helps to adjust our opening prices.
Don Check NYSE.com for more info!
I wouldn't care too much about the opening indication unless there's significant news. My statistics indicate it's more or less the same percentage winners whereever the stock opens (in the upper or lower half if long, opposite if short). It doesn't really matter (I don't trade news stocks).
Even Don didn't adjust todays openings for neither BMY nor AOL.......
Even Don didn't adjust todays openings for neither BMY nor AOL.......
I believe in the long run it might be better to not trade Opens when the futures gap down 1% or more.
I do not have enough data to say that objectively BUT today plenty of stocks opened up 1%+ from their fair value price BUT it was still below the previous close. Hence, no "money making" short positions. If there was no short sale rule I would made a killing. I wish they would get rid of that fucking rule.(a little bitter
)
So if the market gaps down 1%+ and sells right off (LIKE TODAY) the risk reward just isn't there. In fact it might be against you.
Just my .02.
I do not have enough data to say that objectively BUT today plenty of stocks opened up 1%+ from their fair value price BUT it was still below the previous close. Hence, no "money making" short positions. If there was no short sale rule I would made a killing. I wish they would get rid of that fucking rule.(a little bitter
)So if the market gaps down 1%+ and sells right off (LIKE TODAY) the risk reward just isn't there. In fact it might be against you.
Just my .02.
OR maybe on days like this you don't go OPG on the shorts...but rather go DAY and cancel the orders a few seconds after the stock opens.... possible getting filled within a print or two and getting a reasonable price.
This of couse would take A LOT of concentration... or maybe not if you could automate the cancels on your system.
Just a thought.
This of couse would take A LOT of concentration... or maybe not if you could automate the cancels on your system.
Just a thought.
Small but easy....
BMY + a dime $200 (10 cents).....that's all...
Don
BMY + a dime $200 (10 cents).....that's all...
Don
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