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<P>Due to a developing interest in futures trading, I am currently reading a
book written by Curtis Arnold in which he promotes a trading system entitled
PPS. His system, although weakened by an element of pattern recognition
requiring subjective interpretation (in my opinion), is nonetheless
sensible.</P>
<P>I would appreciate receiving any comments concerning this system or author
that anyone participating in this group would care to
share.</P></FONT></DIV></BODY></HTML>
</x-html>From ???@??? Thu Feb 05 08:05:36 1998
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Date: Thu, 05 Feb 1998 07:56:05 -0800
From: "Denis W. Trover" <dtrover@xxxxxxxxxxxxx>
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Subject: Re: After Market Closes Trading
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Status: O
Barry Robbins wrote:
>
> I get an error message "You attempted to access an invalid article. The current article is listed below."
>
> --Barry
>
> At 12:04 PM 2/4/98 -0800, you wrote:
> >For Andrew Tobias' explanation of after hours trading see his column at
> >http://www.ameritrade.com/cgi-bin/tobiasart.cgi/19970829.html.
> >
> >
> >
Barry,
Sorry, thought the article was still available. Here is a text
copy of it.
Denis
Toiling Round the Clock
[Andy Tobias]
Sometimes, you can try too hard. "We don’t just offer
you fresh squeezed orange juice in the morning," crows
the hotel. "We squeeze it fresh for you the night
before!"
It’s all well and good to labor mightily at investing,
but unless you have a great deal of money to manage --
and perhaps even then -- I don’t think it makes sense.
So it’s never particularly bothered me that I have to
wait until the market opens to buy or sell a stock. It’s
never really killed me that the market’s closed on Labor
Day.
But wait!
"What exactly is after hours trading?" queries
SuperJeff. "It sounds like the market doesn’t always
lock the doors when closing time arrives."
The answer is that I’ve never paid much attention to
this, other than hearing, like you, that such-and-such
stock "fell three points in after-hours trading."
After-hours trading isn’t available to us little guys --
and just as well that it’s not. Are we really going to
know some big news about a stock or the economy before
anyone else? No. And once it is known, the price you get
or pay in after-hours trading instantly reflects smart
people’s assessment of that news.
But SuperJeff’s question made me realize how little I
knew about this, so I forwarded it to a pro -- he’s had
spectacular success on Wall Street -- to get the
straight scoop.
He didn’t know, either. "I’m a good investor, lousy
trader," he wrote back, "so I asked my trader." She came
up with the following:
1. If you’re an institutional investor hooked into it,
you can trade on Instinet -- an electronic trading
system where institutions can make bids, show
offers and execute trades over the computer. This
trading lasts 24 hrs, technically with a shutdown
between 7 and 7:30 p.m. There is also a blind
crossing session around 6:30 or 7 p.m. where buys
and sells are matched up and trade at NYSE or ASE
last sale price (OTC stocks trade at midpoint of
the market).
2. There is also a matching session for the Arizona
Stock Exchange (which I think is a computer in New
Jersey, although they may have moved it) at 5 and
5:30 p.m., same pricing rules as above -- can enter
orders after 4 p.m. and orders can be entered on an
open book (people can see your bid or offer) or on
the closed book.
3. Third-market trading (through Jeffries & Co., etc.)
can take place 24 hrs a day, but you can no longer
trade when there is a NASDAQ or NYSE halt on a
stock due to news pending. (As you can imagine, it
used to be like the Wild West over at Jeffries
before news announcements.)
4. The NYSE has a crossing session at 5 p.m. where
stock is crossed at the NYSE closing price. Enter
orders between 4:15 p.m. and 5 p.m.
5. There is also some other weird crossing thing at
the NYSE at 5:15 p.m. which involves baskets of at
least 15 stocks.
6. There are ways to trade overseas, too -- in London,
etc.
If you feel left out of the action, you may be trying
too hard. Take the weekend off. And when you get back:
finally, the cheesecake.
Copyright © Andrew Tobias 1998.
Questions or comments? E-mail Andy, but the volume of correspondence
may not permit an individual reply. Also, unless you tell him
otherwise, he may include your name and e-address in his column. This
Comment reflects the independent views of Mr. Tobias and does not
necessarily represent the views of Ameritrade. Mr. Tobias does not
specifically endorse Ameritrade, nor Ameritrade, Mr. Tobias. This
Comment is not an offer to sell or to buy any security, the
solicitation of any consents or approvals or a recommendation to buy,
sell or hold any security. Ameritrade is not a Registered Investment
Advisor and provides no investment advice in any form.
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