Who thinks .05 increments work better ?

I had a bid in of $23.50, and the stock trades $23.51 for about 3 thousand shares, and these shares were never put on the book. So while it was my bid, all this stock traded, but I got nothing.

I'm sick of it being like this. Shouldn't the NYSE care about the small fry like me? What the devil is going on here?

Vinny
 
Quote from Vinny Gigante:

I had a bid in of $23.50, and the stock trades $23.51 for about 3 thousand shares, and these shares were never put on the book. So while it was my bid, all this stock traded, but I got nothing.

I'm sick of it being like this. Shouldn't the NYSE care about the small fry like me? What the devil is going on here?

Vinny
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That's a perfect example of getting pennied up the ass!
 
Don't quote me on this but I spoke to one unnamed person who was with one of the regulatory bodies and he said the SEC was considering bringing back fractions for a select group of stocks on a voluntary basis.....meaning the company the market makers ect...would all have to agree.....could be smoke but it's nice to dream and inhale.
 
I was bidding $22.50 for a stock that was trading at $23. I was bidding for about an hour. It then trades down down $22.55, and it's my bid. And then it trades as low as $22.52, and I'm never filled! And now it's back to $23. Crazy!?!

I can't stand the way this happens almost daily!

Vinny

ps. merry x-mas!
 
Quote from Vinny Gigante:

I was bidding $22.50 for a stock that was trading at $23. I was bidding for about an hour. It then trades down down $22.55, and it's my bid. And then it trades as low as $22.52, and I'm never filled! And now it's back to $23. Crazy!?!

I can't stand the way this happens almost daily!

Vinny

ps. merry x-mas!
More...


If the bid was 22.52 and the ask was 22.60 when it traded below your limit buy price, then its possible you would not be filled as the NYSE traditional order system doesn't let you split the bid-ask like on Nasdaq i.e. the specialist does not have to show your 22.50 limit as the best price (ask) as it would be shown on Nasdaq.

If this was the case, then the problem is the closed nature of the NYSE specialist system and not the increment size.

Perhaps someone a little more knowledgeable about NYSE order entry than me can comment on this?
 
I can see what lobster is saying .......i like good prints too but what happens when every limit is never touched and the orders keep getting filled "penny above" or "penny below" your buy or sell orders respectivly. Dont be fooled and think the specialist is going to be nice and hand you stock when he knows the direction is up or allow you to sell stock at a high price when the price is going down. The amount of time you get those nice fills as opposed to how many times the nice fills seem like crap two minutes later is very small. We are playing a numbers game here not hoping the specialist didn't get into a fight with his wife last night.




Play the odds not the cards :D
 
Quote from Vinny Gigante:

I was bidding $22.50 for a stock that was trading at $23. I was bidding for about an hour. It then trades down down $22.55, and it's my bid. And then it trades as low as $22.52, and I'm never filled! And now it's back to $23. Crazy!?!

I can't stand the way this happens almost daily!

Vinny

ps. merry x-mas!
More...

you dont have a right to a fill untill it trades at least at your bid. if your bidding 22.50 and the lowest it traded was 22.52 you dont have a right to a fill.
 
Quote from Tea:




If the bid was 22.52 and the ask was 22.60 when it traded below your limit buy price, then its possible you would not be filled as the NYSE traditional order system doesn't let you split the bid-ask like on Nasdaq i.e. the specialist does not have to show your 22.50 limit as the best price (ask) as it would be shown on Nasdaq.

If this was the case, then the problem is the closed nature of the NYSE specialist system and not the increment size.

Perhaps someone a little more knowledgeable about NYSE order entry than me can comment on this?
More...

huh? i guess i will have to give back all the profits i made from splitting the bid ask this year.
 
Quote from vhehn:



huh? i guess i will have to give back all the profits i made from splitting the bid ask this year.
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No doubt that it is possible to middle with limit orders. The real pain of decimalization as far as I am concerned is with market orders.

It is a true license to steal for the specialists. Try placing a market order in a higher priced stock. Watch the spread change from a penny to a dollar. Try a market order on WPO if you really want to see magic happen (and are willing to pay big bucks for entertainment).



Truly evil. But of course, I have never had any love for specialists. I could go on about their evil ways forever. I may have mentioned my theory that they are all descended from Atilla the Hun, Hitler, and such. Charles Manson was a specialist who got caught up in something weird on a business trip out west.

Even the Market Makers on exchange floors (for instance, CBOE, of which I was one at one time) are doing the same. I have been trying to place spread orders for a while recently. If I see a spread of, say a dollar on a butterfly, and try and buy for 30 cents....well I have not gotten a single fill yet. I have been placing these kinds of orders (phone orders...anyone know of a platform that lets you enter total price spread orders? I am on Redi Plus, and that doesn't). I place orders for between 10 and 50 spreads. I have not gotten a single execution yet. (trying virtually every day for about 3 months). Not one! I know these MM's are starving now, but still, they would rather not do the business?

Merry Christmas and Happy New Year to all!!!!
Peace,
:)rs7
 
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