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<DIV>I watch the 10's closely for clues regarding the 30's and trade the 10's
occasionally. Open interest in the 10 (611k) is now about double the 30 (377k),
however average daily volume in the 30 (216k) is about 15% higher than 10
(186k). 10 seems to tick by 3/64 where 30 still ticks 1/32 so spread on 10 tends
to be 1/64 bigger. I've traded the 10's but not enough to have a strong feel for
them. I've noticed the same decrease in QCharts ticks that you commented on via
DBC - general comments I've gotten from the broker is that trading in 30's
is lighter but then this is summer time too. I have noticed no deterioration in
fills and slippage generally, however OB orders are not always (or as quickly)
filled when price ticks to the OB price without trading through e.g. when I have
an OB order in to close out a position at a Fibonacci price objective.</DIV>
<DIV> </DIV>
<DIV>My general view is that 10's may well be the future and I need to trade
both.</DIV>
<DIV> </DIV>
<DIV>Earl</DIV>
<BLOCKQUOTE
style="BORDER-LEFT: #000000 2px solid; MARGIN-LEFT: 5px; MARGIN-RIGHT: 0px; PADDING-LEFT: 5px; PADDING-RIGHT: 0px">
<DIV style="FONT: 10pt arial">----- Original Message ----- </DIV>
<DIV
style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black"><B>From:</B>
<A href="mailto:t-bondtrader@xxxxxxxxxxxxx";
title=t-bondtrader@xxxxxxxxxxxxx>T-Bondtrader</A> </DIV>
<DIV style="FONT: 10pt arial"><B>To:</B> <A
href="mailto:realtraders@xxxxxxxxxxxxxxx";
title=realtraders@xxxxxxxxxxxxxxx>realtraders@xxxxxxxxxxxxxxx</A> </DIV>
<DIV style="FONT: 10pt arial"><B>Sent:</B> Monday, July 10, 2000 5:46 AM</DIV>
<DIV style="FONT: 10pt arial"><B>Subject:</B> [RT] FUT: T-Bonds v.
T-Notes</DIV>
<DIV><BR></DIV>
<DIV><FONT face=Arial size=2>While we all know that, since the Notes became
the bench mark, the volume of the Bonds has fallen and the volume on the Notes
has increased, but what does all this mean for the average small
trader? What do list members think the future holds for the
short, middle and distant terms?</FONT></DIV>
<DIV> </DIV>
<DIV><FONT face=Arial size=2>From my standpoint, as a day trader of the
T-Bonds, I have not noticed any difference in the bid/ask spread, getting
filled, range, volatility or anything else (outside DBC satellite feed
producing less and less ticks, which I assume is them and not the
instrument!). What I do know is that the comparison between the two
shows only too clearly to me that I still want to trade the bonds and not the
notes. In simple terms I would have to spend and risk twice the amount
on the notes to achieve virtually the same on the bonds. However, I have
never traded the notes and do not know what the spread or slippage is
like. Can anyone confirm what they are?</FONT></DIV>
<DIV> </DIV>
<DIV><FONT face=Arial size=2>The fact that some of the big players are not
finding the bonds much to their liking matters not to me, so long as the
spread, slippage and getting filled on my small numbers is still
excellent. Also, of course, the bonds still (and I hope will go on
doing so!) display that very readable quality, which is naturally the vital
key, so far as I am concerned. </FONT></DIV>
<DIV> </DIV>
<DIV><FONT face=Arial size=2>However, one does have to keep an eye on the
future and with the benchmark changing to 10 yrs rather than 30 yrs, it is
possible that the character of the bonds could change. They
may well have changed already with the big traders, but I have not noticed
anything from my stand point.</FONT></DIV>
<DIV> </DIV>
<DIV><FONT face=Arial size=2>I would be interested to learn of other peoples
views on the two instruments and particularly on the trading of the
notes...</FONT></DIV>
<DIV> </DIV>
<DIV> </DIV>
<DIV><FONT face=Arial size=2>Bill Eykyn<BR><A
href="http://www.t-bondtrader.com";>www.t-bondtrader.com</A><BR>"Learn to read
the tape"</FONT></DIV>
<DIV> </DIV>
<DIV><FONT face=Arial size=2></FONT> </DIV></BLOCKQUOTE></BODY></HTML>
</x-html>From ???@??? Mon Jul 10 06:07:32 2000
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References: <00db01bfea64$7c7784e0$0a59fd3e@xxxx> <010801bfea6e$1209fd90$83ceead8@xxxxxx>
Subject: [RT] Re: FUT: T-Bonds v. T-Notes
Date: Mon, 10 Jul 2000 08:04:04 -0500
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Status:
Regarding the slower tick flow, I see the same thing in DTN's sat feed. Does
this reflect actual order flow or is same price data filtered out before it
is published?
Michael
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