Opening Orders - 2009

i am completely new to the US stocks markets.

So the S&P mini markets (outcry) open at the exactly same time as the NYSE ? is there a slightly time gap or exactly the same time ? and you use the ES openning gap to guide you in the NYSE stocks expected price?

you say you add the forward premium onto the last spot close to estimate the "fair value" and compare where S&P is currently trading. So that "where S&P is currently trading" is the price at 9:29am EST (CME electronic price)? or right at the open (outcry price)(9:30EST/8:30Central)?
 
ES is an electronic market, not open outcry. You're confusing it with the SP contact, which is pit traded and closes at 9:15 and re-opens at 9:30. ES keeps trading continuously.
 
Don, can you tell me if there are any requirements for market markers to determine where a stock should open.

The reason is I have been trading a few small caps and lately I notice that some morning the stock is up a dollar or more premarket on 100 shares which has caused my net liquidation to change and in a few causes a liquidation of a future as the stock market is closed.

The closing price is changing after 8pm and prior to 6-7a.m. sometimes with no volume today with 100 shares and the stock is a Nasdaq.

This looks like a great scam for the MM and the Brokers especially since some are both.
Is there a way to find out if my broker is indeed a MM for the stock?

Thanks.
 
Quote from mgmaggie:

Don, can you tell me if there are any requirements for market markers to determine where a stock should open.

The reason is I have been trading a few small caps and lately I notice that some morning the stock is up a dollar or more premarket on 100 shares which has caused my net liquidation to change and in a few causes a liquidation of a future as the stock market is closed.

The closing price is changing after 8pm and prior to 6-7a.m. sometimes with no volume today with 100 shares and the stock is a Nasdaq.

This looks like a great scam for the MM and the Brokers especially since some are both.
Is there a way to find out if my broker is indeed a MM for the stock?

Thanks.
More...

Yeah, you gotta be careful with these smaller stocks. The MM's can simply bid higher, or offer lower than last trade to cause the day's end pricing to change. It's called "marking."

I would simply ask your broker who they are MM's for.

All the best,

Don
 
In bloomberg, it is showing there are 90 days between today (2009/12/22) and the expiry of March S&P.
How do you count 90 days? I am counting 87 days.

thanks.
 
Quote from econometrics:

In bloomberg, it is showing there are 90 days between today (2009/12/22) and the expiry of March S&P.
How do you count 90 days? I am counting 87 days.

thanks.
More...

Just checked my Bloomberg (professional) and it is showing 87 days until expiration... not sure what you are looking at :confused:
 
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