Nat Gas kissed $4 just after 10:00 EST and then subsequently collapsed to $3.891 before rebounding all the way back. Coupled with Fannie Mae, we're in an Efficient Market! This time, the computers were a full 7 seconds ahead of the release, not the 400 ms we've been seeing.
1. UNG Showing trades color coded by exchange.
EIA news is released at 10:30. Market starts moving 7 seconds earlier.
2. May 2013 NG Futures - showing trades (squares) and quote spread (pink).
Same story in futures - movement starts 7 seconds before news release.
3. UGAZ Showing trades color coded by exchange.
4. UGAZ Showing quotes color coded by exchange.
Averaging 166 quotes (orders) for every trade. And look how wild the quote prices are.
5. UGAZ Showing quotes color coded by exchange - zoomed out view of chart 4.