NYSE Open Book questions

[Hydroblunt]

Quote from SteveD:

The NYSE trades about 2 billion a day. If my math is correct that is about 300,000,000 shares an hour. When and why would a specialist have time or the inclination to bother with a very miniscule amount of money from "daytraders"?

The small orders are done automatically.

The only person on ET who has any knowledge of this operation is Don Bright. All of the rest seem to have a paranoid conspiracy theory.

Some independent floor brokers may try to "front run" a stock and they caught several of them last year. Some may go to prison or at least be banned from the securities industry. I just don't see the risk/reward potential.

But these are not specialist.

I saw one statistic that reported that "daytraders" were less than 1% of the volume of Nasdaq!!.

SteveD

You have no idea.

The specialists make most of their money off the day traders nowdays being that institutional action is slow. The whole key to reading the specialist is watching him get long & short by squeezing out the weak hands (AKA day traders). But when it's dead, they scalp the sh*t out of traders through any pathetic tricks they can. Trade some thin stocks with some size and watch them run after you.

The NYSE is SELF-REGULATED. Think about that. Better yet, research it's history and foundation. It's a scam.

 

[monistat7]

Quote from SteveD:

The NYSE trades about 2 billion a day. If my math is correct that is about 300,000,000 shares an hour. When and why would a specialist have time or the inclination to bother with a very miniscule amount of money from "daytraders"?

SteveD

PFE and LU trade tons of stock everyday but what percentage of daytraders make their money off PFE and LU?

if you want some specialist loving, try playing the following on a quiet Friday afternoon (on 1K lots or more):

DNA
BZH
HOV
UNP
X

let us know how it goes!

 

[trade24]

nyob only represnts limit orders left on the book..it doesnt represnt what orders floor brokers hold in the crowd..those orders are very rarely represnted on the screen...nyob doesnt represnt the true market..i spent 7 yrs on the floor of the nyse..most orders that move the mkt are represnted in the crowd..i'm not sure that nyob will really represent the trur mkt..good luck

 

[Szeven]

Quote from trade24:

nyob only represnts limit orders left on the book..it doesnt represnt what orders floor brokers hold in the crowd..those orders are very rarely represnted on the screen...nyob doesnt represnt the true market..i spent 7 yrs on the floor of the nyse..most orders that move the mkt are represnted in the crowd..i'm not sure that nyob will really represent the trur mkt..good luck

I dont have the experience of yourself, but i must say from my limited time on NYSE with OB, i would agree that 'lots' of the orders that move the stocks i trade are not shown on the NYB at any point before the specialist moves up 5 cents. I will be watching the level 2 and all of the sudden the specialist will drop back 5 cents with 1 volume, everyone will go crazy and buy the ECN's up, he will fill an order at 5 cents up which you cant get in on because your too late, and then by this point have orders on the book crossed down and ram it back down your throat 3 cents and do it all again!

Love you specialist,
Szeven.....

 

[lilboy716]

well said... the orders move the market are constantly hitting bids or taking offers. they are rarely presented in the book.

does NYSE still have a visitor program? reply via PM pleasae. thanks

Quote from trade24:

nyob only represnts limit orders left on the book..it doesnt represnt what orders floor brokers hold in the crowd..those orders are very rarely represnted on the screen...nyob doesnt represnt the true market..i spent 7 yrs on the floor of the nyse..most orders that move the mkt are represnted in the crowd..i'm not sure that nyob will really represent the trur mkt..good luck

 

[I Missed Boat]

Quote from trade24:

nyob only represnts limit orders left on the book..it doesnt represnt what orders floor brokers hold in the crowd..those orders are very rarely represnted on the screen...nyob doesnt represnt the true market..i spent 7 yrs on the floor of the nyse..most orders that move the mkt are represnted in the crowd..i'm not sure that nyob will really represent the trur mkt..good luck

nor does it represent stops, market orders, or "mental" stops. Add this to the institutional orders on the floor not reflected and it doesn't seem that all that much meaningful info is represented on the book.

 

[bestfriend]

Since OB doesn't represent market orders, I have noticed that indications prior to the opening are sometimes designed to take advantage of pre-market traders. It's a simple thing to put in a 500k share market order to affect the indication, buy or sell on an ECN, then cancel the market order prior to the open. I have noticed this occuring regularly, and to my finacial detriment, in stocks like CME.

 

[Hydroblunt]

Quote from trade24:

nyob only represnts limit orders left on the book..it doesnt represnt what orders floor brokers hold in the crowd..those orders are very rarely represnted on the screen...nyob doesnt represnt the true market..i spent 7 yrs on the floor of the nyse..most orders that move the mkt are represnted in the crowd..i'm not sure that nyob will really represent the trur mkt..good luck

I agree, but do not underestimate nyob. VIP and MBT were ran up open to high on Fri by nyob orders. There are also an increasing amount of institutional buy/sell programs that go through nyob. It's a vital tool but the easy step ups and market short strategies are long gone. Depends on the stock and the situation, with practice you get better.

 

[limitdown]

Quote from Hydroblunt:

I agree, but do not underestimate nyob. VIP and MBT were ran up open to high on Fri by nyob orders. There are also an increasing amount of institutional buy/sell programs that go through nyob. It's a vital tool but the easy step ups and market short strategies are long gone. Depends on the stock and the situation, with practice you get better.

here! here!

but, oh how expensive that with practice you get better costs ya....