Yesterday in my daily post, I highlighted how the Hybrid Market has ruined trading in illiquid names like BAP. However, lest you think that the Hybrid Market only wrecks havoc in low volume names, take a gander at this 1 minute chart for FLR today.
Really, is going from $144.50 to $151.50 in 3 minutes an orderly market in a stock that trades millions of shares a day?
Short answer is "no." They Hybrid Market is an abomination on many levels. We're almost at the year anniversary and I can already hear the NYSE getting ready to tout it's success with a big PR bash. However, I still can't find any traders defending this joke of a market. Where's the much promised "price improvement and matching?"
Meanwhile, I made money shorting FLR this morning... so don't go thinking I'm just bitter or something. I just can't stand what has become of the NYSE.