You know how there is hidden liquidity triggered by the price and volume at a given moment? I wish you algo guys would design something that pops out “automatic pre-set IM responses ” after being triggered by certain sell-side behaviors.
For example, a guy I neeeeever talk to IM’d me flow in a name I actually own (shocker!)…Since that rarely happens, I like to at least acknowledge the effort (even though I don’t have an order) so I respond… bear in mind, I am CRINGING as I respond…waiting…waiting….just waiting for the follow-up, foot-in-the-door, from the dude I have never met. (And who I am sure is a great guy, it’s just that I know lots of nice guys and the whole “foot-in-the-door” thing – especially this year when I have nothing to trade – is just wearing me down.)
Anyway, here’s that exchange in real time – this is legit, no changes – and notice the 10 second pounce from the guy when I respond… and then the slightly delayed follow-up sports talk to keep me on the line:
Now, here’s what was going on at the time behind the scenes:
(1:10:04 PM) SELLSIDESHEEP: A name this guy might care in…he’s a holder…OMG, OMG, OMG…be cool, be cool…let it out easy… Buyer ABCD (I hope he bites… I hope he bites… I hope he bites…)
(1:11:33 PM) CRUSTYCUSTY: (cringing and conflicted but respects the hustle…do I write back? Ugh, this is going to open me up to an onslaught, but do the right thing): thx (pls don’t respond…pls don’t respond…pls don’t respond… AAAAAAAaaGgggggghhhhHHHHHHHH – he’s typing!)
(1:11:43 PM) SELLSIDESHEEP: How u doing (foot-in-doOOorr, yeaaaahhhh… he bit on it…[to the rest of the room: “they call that sales trading fellas, not like you bozos would know”]…gotta keep it going…keep it going…I know, I will praise him and blow smoke up his ass…buy side guys can never resist that!!!)
(1:12:06 PM) SELLSIDESHEEP: You see the Giants game the other day?
Now, if I had my super-duper “Hidden IM Algo” that was triggered by this ticket-monkey’s typing, the IM conversation would look more like this:
(1:10:04 PM) SELLSIDESHEEP: Buyer ABCD
(1:11:33 PM) CRUSTYCUSTY: thx
(after a slight delay and once the counter-party starts typing, an automated IM response like the following pops up.)
(1:11:43 PM) CRUSTYCUSTY: Appreciate the hustle, but please don’t consider my response an invitation to banter.
(1:11:43 PM) SELLSIDESHEEP: k
I can dream can’t I?
-Another Crusty Custy
