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Strategies & Market Trends : Trade What You See, Not What You Think
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To: Threei who started this subject8/1/2001 7:21:45 AM
From: Threei  Read Replies (3) of 867
 
SuperSOES impressions.

After three days of cautious trading, it's time probably to draw some conclusions. They are not shaped up ultimately yet; still, some things seem to be clear.

1. SS itself

Fills are lightening. If there are shares at the price you want, you get them right away.
Fast reliable connection is crucial: levels might disappear so fast that slight delay results in situation when you still see the price on Level 2 but report is coming back: No shares available.
Fast stocks with changing spread require fast fingers: if your system changes the price of the order with inside change (linked bid/offer)it's quite possible to click send while offer is changing from .10 to .30 and get shares 20 cents higher.
When you want in at the offer or out at the bid, routing became pretty simple: SS when there are MMs with enough size or active ECN when there are ECNs or mix of MM/ECN.

2. Impact on the market

So far it seems to be good thing. Volatility somewhat diminished by decimalization is back. Intuitively feels that during major market events volatility can become enormous, or let's say, packed in much shorter period of time. These 3 days didn't allow to see it yet as market was relatively narrow. However even within this narrowness volatility increased, bars became longer. Some scalping techniques killed by decimalization seem to be working again.
Follow through on many setups was not as good as before but it's hard to evaluate whether it's direct impact of SS or market mood or adjustment of market participants.

Overall, decimalization and SS seem to be good match.

Vadym
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