I'm reading Market Wizards and came across the phrase "It just went across the board at 5/8." What does 5/8 mean?
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Hahaha, don't know either man..would definitely like to know.
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Here's more from the book: "U.S. Steel. I know Steel. Where is it trading?" "It closed last night at 30 1/2." "It just went across the board at 5/8," he says. "Where did it break out from?" he asks. "Twenty-eight," I answer. He fires right back, "And where did it break out from before that?" "Well, that must have been over three years ago!" I exclaim, somewhat startled at the question. "I believe it broke out from about the 18 level."
The price went from 18 to 28 to 30-1/2 to 30-5/8 in that order.
there are so many jargons in trading and i think vault guide explains some of them.
Stock used to be quoted in 1/8s years ago. As technology improved, quotes were slowly moved into decimal form for stocks as it decreased the spread and supposedly improved liquidity. So, the stock had a bid/ask of 30.5/30.625 and had a spread of 12.5 cents, which was normal 30+ years ago.
You need to remember that you're reading written in 1992 about traders from the 60s, 70s and 80s, so put the terms into the context of what year they are in.
Yeah your right. It is just an old school way of writing a stock quote.
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