Quote from Spxdes:
Hydroblunt,
Soon to be extinct tape reading??? It might get a little harder but completely gone? Can you please explain why you think that and what you base your trades on?
NYSE is slowly but surely going electronic. It's a reality, so reading the specialist prints is not a long term strategy. In fact, NYSE is trying to push the Hybrid by the end of the year to institutions. I will be surprised if they pull it off but it's apparent that it will be fully active next year. Reading time & sales and price action will always work but that's barely like reading the NYSE tape which is basically reading the specialist.
I still tape read, I just can't help it if it's an obvious buy or sell signal but I have made a point to at least diversify the indicators. I've learned to catch fragmented buying through the Open Book (electronic orders from institutions). I use charts a lot more and play the in play sector stocks which are controlled by traders, the indices, & arb players instead of the specialist's order flow.
Quote from warrenbuffet:
9.34am: NYSE V 80.49
This is the last print, judging by time unless you misprinted it. If the next quote is with the 80.40-80.50 1x295, then the 29,500 shares is a market limit or a market short seller. You'll see it in the Open Book almost all of the time.