ALL DAY: Used a summation term usually regarding quantity
Example…XYZ Bank is offering 20 contracts at 500 and XYZ Bank offers 50 at the same price I will say there are 70 offered ALL DAY
BEST: Highest bid or lowest offer at that given time
Example…XYZ Bank has 50 offered at 500 Merrill Lynch is bidding 450 on 50, 500 trade, still 450 bid BEST
BID: The current price you would get if you sold at market
CHOPPY: No real trend. Market is erratic and usually controlled by local's
DEALERS: A generic term used for cash dealers that do business in small increments
Example…DEALERS offer 20 at 500
EVEN: Price is at an even dollar level: 1445.00 OR 1444.00, etc.
FADING or FADES: When a local bid or offer disappears without trading at the price quoted
Example…locals 450 bid XYZ Bank has 50 offered at 500, 450 bid FADES 400 bid best
FIFTY TIMES: Fifty contracts
GIVEN: When a resting and quoted bid is sold into therefore taking out all at that price
Example…XYZ Bank has a 500 bid for 50 GIVEN locals sell
HALF: Price is at the half-dollar level: 1445.50 1444.50 etc.
LIGHT: Small contract lot. Not a big order.
LOCAL MARKET: Locals are on both sides of the market, the bid and the offer, no paper present at all
LOCAL ONLY: Same as above
LOCALS: Local floor traders. No paper (retail) or institutions.
"007": A dealer who the quoter watches trading 10 & 50 lots
OEX: There are three desks in front of where the quoter stands that receive business from traders at the options exchange, that use the S&P's as a hedge
OFFER: The current price you would pay if you bought at market
OFFERED: This means offered for SALE. 100 Offered at 50 means 100 contracts offered for sale at ,say 1445.50
If you hear a big offer, this means someone wants to sell a big number of contracts above the market
ON THE BID: "XYZ House is on the Bid". "ABC joins the Bid". They have orders to buy on the Bid - usually limit orders.
PAPER: Pre-existing written orders held by brokers usually from retails or institutions, not locals.
PRICE TRADES (TRADING): Price actually trades and is printed
PRINT: A price that is actually traded and sent out (printed) to real-time data
PULLS (OR PULLED): When an offer or bid quoted gets cancelled/withdrawn
Example…20 offered at 500, 450 bid on ten, 500 offer PULLS
RETAIL: Retail brokerage business usually from individual traders calling their brokers
SIZING UP: When locals check quantity on a paper bid or offer
Example…XYZ Bank 50 offered at 500, 450 bid paper, locals SIZING UP the bid
SMALL: Small contract lot. Not a big order.
TAKEN: When a resting and quoted offer is bought therefore taking out all at that price
Example...XYZ Bank has 50 offered at 500 TAKEN locals buy
TEN TIMES: Ten contracts
THIN: Very few traders on the floor. Pit is empty or slow and trading is 'thin'. Very little paper.