Tips on Reading the NYSE Specialist
- Thread starter Dr_Explode
- Start date
Yeah, I agree. Might be because there's probably been a lot more people flocking to online trading since then, as it's a very new industry. Less experienced traders from off the floor who know what's going on behind the tape--and are less belligerent because they don't feel their self-esteem and self-worth is tied up with their predictions.
Anytime. There's really no way someone like you or me could ever figure these types of mechanics out without hints from those with experience on the floor.
I agree with a lot of what has been said...and I wish all the threads could be more civil and helpful....disagreements are fine, but silly flamiing or "demanding" to be "right" is just such a waste of time.
I also agree that the NMS will be a "moving target" for a while. You'll notice that there are several "over-rides" for the Specialist based on size of orders (among other things)....I don't see the newly formed NYSE "Group" allowing for sending orders to ther exchanges....I just don't see their shareholders going for that, LOL.
Tape reading has changed a lot over the years...and the Specialist has done a lot less trading, relying more on filling orders correctly (at least most of the time, LOL).... I'm looking forward to the next couple of years, should be challenging yet fun and different. Again, adapting is imperative.
All the best,
Don
I also agree that the NMS will be a "moving target" for a while. You'll notice that there are several "over-rides" for the Specialist based on size of orders (among other things)....I don't see the newly formed NYSE "Group" allowing for sending orders to ther exchanges....I just don't see their shareholders going for that, LOL.
Tape reading has changed a lot over the years...and the Specialist has done a lot less trading, relying more on filling orders correctly (at least most of the time, LOL).... I'm looking forward to the next couple of years, should be challenging yet fun and different. Again, adapting is imperative.
All the best,
Don
I've seen them quite often on the sector stocks. Think it's mostly hedge funds. Also remember seeing 100k order on a stock that only did 100k average volume. On that day, most of the volume was filled on the ECN and quite nicely too.
Hydro, when you saw that, did you see it print in big blocks or little ones (which 1 could assume are daytraders). IOW, did the 100k offer dissipate like this
10K at x price
20K at x price
30K at y price
40K,etc
OR
1000
2000
5000
200
400
2000
etc,
This guy I was talking to at this OMS vendor says that those big prints are usually a very small step removed from prearranged (i.e. gray area) which mean very few of us participate in them.Something to do with iceberg/hidden orders that we really don't have a shot at.
One day I will understand fully what he means and how it would impact my trading...LOL
In addition the post of Don above is interesting in its tone. Sorta like Donald Trump saying there is a real estate bubble in NY condos. I agree with Don, that tapereading has changed gradually over the past year or so. I posit further that tapereading will change materially after Reg NMS.
10K at x price
20K at x price
30K at y price
40K,etc
OR
1000
2000
5000
200
400
2000
etc,
This guy I was talking to at this OMS vendor says that those big prints are usually a very small step removed from prearranged (i.e. gray area) which mean very few of us participate in them.Something to do with iceberg/hidden orders that we really don't have a shot at.
One day I will understand fully what he means and how it would impact my trading...LOL
In addition the post of Don above is interesting in its tone. Sorta like Donald Trump saying there is a real estate bubble in NY condos. I agree with Don, that tapereading has changed gradually over the past year or so. I posit further that tapereading will change materially after Reg NMS.
Interesting. I'd like to know what's going on there, as I have seen that a few times as well.