Nanex Research

Nanex ~ 18-Jul-2013 ~ Philly Fed Survey

The Philadelphia Fed Survey came about 1/2 second late on May 16, 2013. How do we know? Charts below.

1. Trades from all NMS Stocks.
You can clearly see the market reaction takes places about 1/2 second after 10am.

2. SPY Trades color coded by exchange and NBBO. Close-up of 10:00:00.495 to 10:00:00.600.

3. SPY Trades color coded by exchange and NBBO. Zooming out to 1 second of time.

4. June 2013 eMini (ES) Futures.

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