--- title: "Dark Secrets: Where Does Your Retail Order Go?" url: https://premarketinfo.com/ description: "PreMarketInfo: the 2011-2016 Premarket Stock Talk desk of Dennis Dick and Joel Elconin, with dated market movers tables, S&P significance levels and market-structure." --- # Dark Secrets: Where Does Your Retail Order Go? [Trading Education](https://premarketinfo.com/category/trading-education/) Back when I started trading in 1999, the majority of trades took place on the exchanges themselves. But now, believe it or not, many retail orders never see the public exchanges. If these orders aren’t sent to the public exchanges, where do they go? Many of these retail orders are internalized: the opposite party to your executed order was your broker/dealer themselves. Other times your broker ships your order to an over-the-counter market maker, which pays your broker a fee for the privilege of trading against it — known in the industry as “payment for order flow”. [Continue reading the full entry](https://premarketinfo.com/2012/02/23/dark-secrets-where-does-your-retail-order-go/) ## Market Snapshot *Recorded levels from the S&P Numbers sheet* | Instrument | Level | Basis | Date | |---|---|---|---| | S&P E-Mini | 1350.00 | Close | May 11, 2012 | | S&P E-Mini | 1370.25 | Weekly high | Week of May 7, 2012 | | S&P E-Mini | 1344.00 | Friday low | May 11, 2012 | | AAPL | 566.71 | Close | May 11, 2012 | | AAPL | 578.36 | 5-day high | May 11, 2012 | | AAPL | 564.85 | Friday low | May 11, 2012 | Source: [S&P Numbers](https://premarketinfo.com/sp-numbers/) significance-level sheet, May 14, 2012. ## The reading room [01**7 Quantum Stocks Already Generating Commercial Revenue**Sep 15, 2026](https://premarketinfo.com/7-quantum-stocks-already-generating-commercial-revenue/) [02**5 Telecommunication Stocks Benefiting from Government Infrastructure Spending**Sep 14, 2026](https://premarketinfo.com/5-telecommunication-stocks-benefiting-from-government-infrastructure-spending/) [03**7 Quantum Stocks Backed by Major Technology Partnerships**Sep 08, 2026](https://premarketinfo.com/7-quantum-stocks-backed-by-major-technology-partnerships/) [04**5 Quantum Stocks with the Fastest Revenue Growth**Sep 07, 2026](https://premarketinfo.com/5-quantum-stocks-with-the-fastest-revenue-growth/) [05**7 Large-Cap Quantum Stocks Versus Pure-Play Quantum Stocks**Aug 24, 2026](https://premarketinfo.com/7-large-cap-quantum-stocks-versus-pure-play-quantum-stocks/) [06**8 Top Quantum Stocks for Investors Looking Beyond Pure-Play Hardware**May 25, 2026](https://premarketinfo.com/8-top-quantum-stocks-for-investors-looking-beyond-pure-play-hardware/) [07**8 Quantum Picks-and-Shovels Stocks Investors Should Put on Their Radar**Jan 06, 2026](https://premarketinfo.com/8-quantum-picks-and-shovels-stocks-investors-should-put-on-their-radar/) [08**8 Emerging Quantum Stocks Beyond IonQ, Rigetti and D-Wave**Nov 26, 2025](https://premarketinfo.com/8-emerging-quantum-stocks-beyond-ionq-rigetti-and-d-wave/) [09**7 Emerging Quantum Stocks With Distinct Commercial Strategies**Nov 06, 2025](https://premarketinfo.com/7-emerging-quantum-stocks-with-distinct-commercial-strategies/) [10**9 Smaller Quantum Technology Companies Worth Watching**Nov 03, 2025](https://premarketinfo.com/9-smaller-quantum-technology-companies-worth-watching/) ## Premarket Movers May 11, 2012 *As published in the May 11, 2012 Premarket Movers entry* | Stock | Movement | Reason | Desk comments | |---|---|---|---| | JPM | Down $3.30 | $2 billion trading loss. | Question risk control of bank, and possibly other banks. Entire sector under pressure this morning. Consolidating between 37.60 and 38 in premarket trade. | | C | Down 1 point | JPM trading loss. | Key swing number may be 30. | | GS | Down 3 points | JPM trading loss. | Huge psychological support at 100. | | BAC | Down 22 cents | JPM trading loss. | Had found good support at 7.65; that area may now serve as resistance. | | JWN | Down 2 points | Earnings last night. | 50 area may provide key psychological support. | | NVDA | Up 1 point | Earnings. | Getting a nice lift off the earnings report; traded as high as 13.63 in premarket. 14 area may provide resistance. | | DDS | Up 1 point | Earnings last night. | Traded to a new 52-week high last night; the old 52-week high of 67.22 may now provide support. | Source: [May 11 Premarket Movers](https://premarketinfo.com/2012/05/11/may-11-market-movers/). ## Latest Recorded Entries - FEB 17, 2016 [Premarket Prep Previous Shows](https://premarketinfo.com/2016/02/17/premarket-stock-talk-64/) - FEB 17, 2016 [Premarket Prep Has Moved](https://premarketinfo.com/2016/02/17/premarket-prep-has-moved/) - SEP 4, 2014 [Premarket Stock Talk](https://premarketinfo.com/2014/09/04/premarket-stock-talk-64/) - AUG 1, 2014 [Shifting Sentiment – Selling the Pops](https://premarketinfo.com/2014/08/01/shifting-sentiment/) - MAR 22, 2014 [Upside Capitulation?](https://premarketinfo.com/2014/03/22/upside-capitulation/) - FEB 5, 2014 [Analyst Brian Sozzi Discusses JCP, Sears, and Retail Sector](https://premarketinfo.com/2014/02/05/analyst-brian-sozzi-discusses-jcp-sears-and-retail-sector/) - JAN 14, 2014 [Arguing Against the Uptick Rule](https://premarketinfo.com/2014/01/14/arguing-against-the-uptick-rule/) - DEC 27, 2013 [Learning from the Icahn Bubble](https://premarketinfo.com/2013/12/27/learning-from-the-icahn-bubble/) - DEC 2, 2013 [The Calm Before the Storm?](https://premarketinfo.com/2013/12/02/the-calm-before-the-storm/) [Articles](https://premarketinfo.com/category/articles/) · [Premarket Webcasts](https://premarketinfo.com/category/premarket-webcasts/) · [High Frequency Trading](https://premarketinfo.com/category/hft/) ## Market Structure Analysis ### [OTC Market Maker Steals 9 Points from Retail Investor](https://premarketinfo.com/2011/11/30/otc-market-maker-steals-9-points-from-retail-investor/) November 30, 2011 · Dennis Dick · Trading Education A new ETN started trading today, the ETRACS Fisher-Gartman Risk-On ETN under ticker symbol ONN. New issues often lack liquidity as few market making participants jump in to make markets… ### [Can HFT players see your order BEFORE you send it?](https://premarketinfo.com/2012/06/26/can-hft-players-see-your-order-before-you-send-it/) June 26, 2012 · Dennis Dick · Articles I have suspected this for quite some time. I believe that there are HFT players that are buying order queue information from brokerage houses. I know this sounds pretty extreme, and maybe… ### [Exploring the Hidden Costs of Retail Price Improvement](https://premarketinfo.com/2012/07/23/exploring-the-hidden-costs-of-retail-price-improvement/) July 23, 2012 · Dennis Dick · Articles In light of the NYSE’s new retail liquidity program, I decided to republish a piece I wrote last year. This piece is now more applicable than ever. The piece was originally published on… ### [Algos Gone Wild](https://premarketinfo.com/2012/08/01/algos-gone-wild/) August 1, 2012 · Dennis Dick · High Frequency Trading A rogue algorithm wreaked havoc on more than 100 stocks today. It appears the algo was executing a continuous auto-buy on some issues like WFC, VZ, RSH, and BBY. It appears it was executing… ### [HFT Quote Spam caused by Endless Algo Loop](https://premarketinfo.com/2013/02/06/hft-quote-spam-cause-by-endless-algo-loop/) February 6, 2013 · Dennis Dick · High Frequency Trading Two HFT algorithms battled it out for 12 minutes today in preferred stock FNFG.PRB. Both of these algorithms wanted to be the best bid. One algo bids $29.45, the other penny jumps and bids… ### [Learning from the Icahn Bubble](https://premarketinfo.com/2013/12/27/learning-from-the-icahn-bubble/) December 27, 2013 · Joel Elconin · Articles With the broad market making new all time highs, almost on a daily basis, one issue far from its all time high is Icahn Enterprises LP (NASDAQ: IEP). Since catapulting to 149.77 on December… [All entries in the Articles ledger](https://premarketinfo.com/category/articles/) ## About the Data & Archives Every figure on this desk is reproduced from the site’s own dated 2011–2016 entries; nothing is live and nothing has been re-estimated. Charts discussed on the show were provided by Neovest.com. 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