Many people have asked me why I plan to make the switch to trading futures at the end of the year. There are many reasons, but one of the main ones is liquidity. I'm finding that it's tough to fill even tiny stock positions quickly. If I don't hide my order on Island, I find that I'm constantly getting stepped in front of.
For example, say a stock has a nickel spread, 38.50 x .55. I bid .51, instantly there's a bid at .52, I cancel, bid returns to .50 instantly; I bid .52, instantly there's a bid at .53. I cancel and the bid goes .50 instantly. Major pain... it's almost like there's an automaton watching me.
This isn't new of course, it's just that the sizes now are so small, it's just too much work to build a tiny position, even in very active stocks. I assume that no one is going to hop in and out in front of a ten contract bid or offer in the E-minis.
Conspiracy theory: the proprietary traders at the brokerage firm I use track the order flow of their "best" customers and have a program that positions themselves ahead of us. Hey, ya nevah know!
Books that Ross Thomas wrote using the pseudonym, Oliver Bleeck:
- The Brass Go-Between
- The Procane Chronicle
- Protocol for a Kidnapping
- The Highbinders
- No Questions Asked
List of the top hard-boiled writers according to members of Rara-Avis. My favorites include: James M. Cain, James Crumley, David Goodis, Elmore Leonard, John D. MacDonald, Ed McBain, Walter Mosley, Ross Thomas, Jim Thompson, and the great Charles Willeford.
Useful expression I picked up from the Ross Thomas novel I just finished reading: "as crooked as cat shit."
I'm very familiar with New Jersey... Harold and Kumar aren't going to find a White Castle anywhere near Princeton, but there are a couple in Newark, one in Jersey City, one in Orange, and one in Irvington (if memory serves).
Stephen Hunter writes that "the movie is easily the fifth, or maybe even the fourth, best ever shot in New Jersey."
A little experiment here... it seems that the Google ad latches on to the term E-mini futures, so if I write E-mini futures I get some market-related ad... if I don't write E-mini futures then I get public service ads. E-mini E-mini E-mini E-mini futures.... Did it work? ;-)
Korea's Daum Communications buys Lycos for $95 million. (Lycos owns Quote.com -- my quote provider.)
Despite the reversal bar the S&P put in last week, the market doesn't look so hot to me -- there was no new low and the sentiment stayed very positive. I won't be buying above last week's high anyway.
S&P 500 Index with Sentiment Indicators, Weekly Chart
The coil scanner picked up IP. International Paper's range is contracting in an interesting way. The specialist has been "fair-and-orderly marketing" the stock out just below $43.50. Keep an eye on it.
IP, 30-min. Chart
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