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Kirk,
The bond futures market is very liquid. On most market days, resting
stop orders fill at your price, or maybe a 1-tic slip. I trade the
bonds alot, and 20 or 50-lot stop order will fill the same or a tic
worse with no problem. The market is usually 100- 300 contracts at
both the bid and offer. Hands go up regularly selling/buying 800 or
1000 from the commercials or hedge players.
Bonds do about 300K ++ volume on an average day. This week is thin.
You might slip 2 tics if you are buying or selling "by yourself"...
Worst-case? On the big report days, if one is foolish enough to
place a stop before the number I have seen 30, and 45-tic movements
where the market goes offer-only or bid-only. No fills within this
range, then all the stops get filled at once another 12-16 points
away. <grin>.
Bonds roll on the evening session prior to the first notice day.
Cliff
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