If other people had sell stops in place before you went market, then they would be part of the 10,000 share print. For some reason, stop orders are filled before plain market orders even though technically they are the same thing. Maybe stop order fills are automated whereas market orders are discretionary, depending on how the Specialist configured his system.
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New Specialist trick today.
- Thread starter dalegrief
- Start date
Unless they changed the rule this week, the specialist has 30 seconds to honor an electronic order. Then it has the exact same precedence as an order on the book or in the crowd. It may not seem like that to you watching your screen, but those are the rules.
A long sale has NO greater precendece than a short sale on an uptick. Remember, the screen market is wrong. That is never the market on the floor. This is a Dutch Auction market NOT an electronic market and the screen is updated occassionally but does not need to exactly reflect the current market on the floor. When you see the offer blink up a quarter and you frantically put in sell orders, its really too late to get in on the action. If you got a fill at all - you beat the system. A buyer comes in and the Spec makes him an offer, if he takes it the offer moves up - the book is now 'FROZEN' and the market will not update again until the print takes place.
Please don't shoot me, the messenger, I think the NYSE should go away and become all electronic like London and most of European exchanges. Before you gripe, make sure you know the rules. There are numbers you can call at the NYSE to complain (in vain) but at least they go over the rules with you if your polite and inquisitive.
A long sale has NO greater precendece than a short sale on an uptick. Remember, the screen market is wrong. That is never the market on the floor. This is a Dutch Auction market NOT an electronic market and the screen is updated occassionally but does not need to exactly reflect the current market on the floor. When you see the offer blink up a quarter and you frantically put in sell orders, its really too late to get in on the action. If you got a fill at all - you beat the system. A buyer comes in and the Spec makes him an offer, if he takes it the offer moves up - the book is now 'FROZEN' and the market will not update again until the print takes place.
Please don't shoot me, the messenger, I think the NYSE should go away and become all electronic like London and most of European exchanges. Before you gripe, make sure you know the rules. There are numbers you can call at the NYSE to complain (in vain) but at least they go over the rules with you if your polite and inquisitive.
eyeopening experience, especially if you're only a NYSE trader.
NASD on the other hand, well there's no one to complain to that can really do anything about a similarly described situation, however, at least you can see the depth of the book (level 2) and see where you can get filled at....
NASD on the other hand, well there's no one to complain to that can really do anything about a similarly described situation, however, at least you can see the depth of the book (level 2) and see where you can get filled at....
Quote from PhoenixTrader:
eyeopening experience, especially if you're only a NYSE trader.
NASD on the other hand, well there's no one to complain to that can really do anything about a similarly described situation, however, at least you can see the depth of the book (level 2) and see where you can get filled at....
I don't see anything except colors that disappear? What depth are you talking about? Are u talking about the 100 share markets? Wow, what depth!!!!!
Quote from Tide31:
I think the NYSE should go away and become all electronic like London and most of European exchanges. Before you gripe, make sure you know the rules. There are numbers you can call at the NYSE to complain (in vain) but at least they go over the rules with you if your polite and inquisitive.
That's my biggest nightmare. Electronic? The specialist system is a gift for scalping/daytrading if you know how to do it. Sure, the specialist has been increasingly difficult to trade with the last couple of monhts, but still worthwile.
Quote from ryanmitcho:
if you are marking stock long when trying to really get short, and you dont own bullets or conversions on that particular stock, you are selling short illegally. i would advise against that if you value being a trader.
no sh*%, if you would have taken two seconds to actaully read the thread you would have seen he had a bullet and my comment clearly stated "in the situation you described".
anything else blatantly obvious you would like point out?
if you think you get boned on the NYSE, try trading the AMEX and you will bend over and gladly take it from a nyse specialist!
here is just one example:
was long at the point today on an AMEX, hod was .30, partialed at .25, during the pullback into the close he ran it back past the point, then kept it at .95 .00 up until the last minute, sold the .95 at the buzzer, and he immediately printed a .50, new hod, and it wasnt even a closing print. WTF! although i have had crazy improvements of even 1/4 point and more on AMEX, the majority seem to go against you.
here is just one example:
was long at the point today on an AMEX, hod was .30, partialed at .25, during the pullback into the close he ran it back past the point, then kept it at .95 .00 up until the last minute, sold the .95 at the buzzer, and he immediately printed a .50, new hod, and it wasnt even a closing print. WTF! although i have had crazy improvements of even 1/4 point and more on AMEX, the majority seem to go against you.
Isn't it incredible how these things routinely go on, nothing is done about it. Good excuses are given, and there ain't squat you can do about. Go ahead, I dare you. Call the WSJ and the Times, see if they're interested in this behind the scenes chicanery that is unscruposuly taking money from innocent traders and investors. They don't care. But if Martha wants to sell her stock 'cause she heard or was told what's his name was selling his, my oh my, look out, guns come out a-blazin' and we're gonna shoot her out of the sky. Why do you think that is?
That's because the real rule of what makes the world turn is: Set yourself up over the less powerful or those with no power, make it look like you're doing something on behalf of the public's good to placify them and court public favor, with the sole dual intent in so doing to remain powerful and pick their pockets. Obviously, Martha's lower in the heirarchy than the specialists' arrangements.
That's because the real rule of what makes the world turn is: Set yourself up over the less powerful or those with no power, make it look like you're doing something on behalf of the public's good to placify them and court public favor, with the sole dual intent in so doing to remain powerful and pick their pockets. Obviously, Martha's lower in the heirarchy than the specialists' arrangements.