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SNET broadcast by my experiece is useless. I always get ignored unless the broadcast actually crosses the market. I find even broadcasts at the inside ask for buys and inside bid for sells get ignored. When using SNET, I ALWAYS use the preference. In a fast market, you HAVE to set your SNET limit up one or two levels if the depth of the level is only 1. With a thicker level, just go with the inside. Use ARCA for speed when you need to buy several levels of shares. The MMs show a lot of 1s and 2s. Use ARCA for that situation to quickly load up with the available shares and only get charged one ECN fee. Set the ARCA limit up or down just enough to get your order completely filled. I use SOES in a thinly traded environment to force the MMs to trade and not get away with backing away. I generally use ISLD for spreads wider than an eighth. I find myself using SNET to hit ISLD because it takes too long to switch the route back to ISLD. Its obvious to me that MMs engate in what is called past posting at the roulette tables--that is waiting to see where the ball falls before placing the bet. Its illegal at the tables and should be illegal on the street as well. However, when you give a MM 30 seconds to decide what to do with an order, i.e. wait and see where the ball falls, that is exactly what they do and what you get. When you SNET an ECN like REDI, BRUT, INCA, ISLD, ARCA---the orders are filled immediately with immediate confirmation. |
