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Lionel,
Island, ARCA, and REDI books at:
Island: http://www.island.com/BookViewer/javaversion.htm
ARCA: http://www.tradearca.com/automm/arca_book.asp
REDIBook: http://208.185.90.161/rb_ns.asp
Instinet information at: www.instinet.com
You could also search for BRUT (Brass Utility?) and ATTN (Attain) to see if they
have books, but these are small players.
Instinet has the most volume, but not a displayed book to my knowledge. Island
is next, then either REDI or ARCA.
If you're familiar with Nasdaq Level II, you know that the best bid and best ask
from each ECN is already displayed, with the number of shares available from
that source at that price level. But some Nasdaq Level II systems go one
better, integrating each ECN's book's shares available at _each_ price level
into the Level II window, eliminating any need for separate browser windows open
to each ECN's book. CyberCorp, for example, includes these quotes in its
platforms' Level II.
But, honestly, Lionel, I would consider this overkill. I rarely look at any ECN
book, finding a candlestick chart with price and volume, a Time & Sales window,
and Nasdaq Level II to normally be enough information. And if I must look at an
ECN book, it would be Island's since it is extremely liquid in most heavily
traded stocks.
As for correlating the futures market before 9:30 EST to the probable direction
of the market after the open, I think your best bet would be to do some
multivariate statistical work on your own, incorporating other variables than
simply the overnight move, just as you seemed to be saying Blumeberg (sp) was
doing. I know of no published sources for that information, but you might check
whether the folks who specialize in program trading have any insights there.
Best wishes,
Erik
Lionel Issen wrote:
> Eric:
>
> Thanks for this information. Can you suggest any other ECN related web
> sites?
> A web search only brought up some stale information on the proposed SEC
> action to require posting of both the NASDAQ and ECN prices. I guess the
> brokerage industry was able to prevent this.
>
> Some time ago, CNN used to have a fellow Blumeberg (spelling?) comment on
> the market before it opened. He used a number of tools to predict the
> direction and $ movement of the market, one of them was the price of futures
> on the S&P and other major indices. He was rarely wrong. While the present
> person doing this is easier to look at, she's simply not in his league. My
> question is, do you know where I can get information on the relationship of
> the futures price of say the S&P to the near term movemement of the S&P?
> Lionel Issen
> lissen@xxxxxxxxx
> ----- Original Message -----
> From: "Erik C. Olson" <eolson@xxxxxxx>
> To: <metastock@xxxxxxxxxxxxx>
> Sent: Saturday, March 17, 2001 10:55 PM
> Subject: Re: Instinet, ECN and NASDAQ
>
> > Lionel,
> >
> > Instinet is one of many ECNs. It is generally favored by institutions
> > looking to disguise their identity on Nasdaq Level II. Institutions also
> use
> > it pre- and post-market. But its bid and ask can be seen on Level II.
> >
> > Other ECNs can also be seen on Level II, at least their best inside bids
> and
> > asks. If you wish to see more of their books, then you need to bring up
> each
> > ECN's own book. Island (www.island.com) is the one more frequented by the
> > retail market. On their website you can bring up a Java version of their
> > book, with the full book shown. REDI and ARCA are two other ECNs also
> > favored by retail users, and I'm told they also have visible books. (I've
> > never been interested in that level of detail; between Level II and,
> > occasionally, an extra window with Island's book, I feel I've got a pretty
> > good sense of what people are displaying.) Incidentally, Island also
> trades
> > some non-Nasdaq stocks, so on very heavily traded NYSE issues you get a
> > somewhat deeper look at interest outside the best bid and ask prices than
> is
> > otherwise possible.
> >
> > Best wishes,
> > Erik Olson
> >
> > Lionel Issen wrote:
> >
> > > I am not a day trader. I just learned about the existence of Instinet
> and
> > > ECN. How can I access the bid ask prices on Instinet and ECN?
> > > Lionel Issen
> > > lissen@xxxxxxxxx
> >
> >
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