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
3. SPY Trades color coded by exchange and NBBO. Zooming out to 1 second of time.
4. June 2013 eMini (ES) Futures.