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Its a royal PITA to lease out your seat for 6 months...

There is a waiting list for a NYMEX seat these days. If you had one to lease out you'd want to be using it these days. Loads of paper.

I would say 1000 to 2000 for a guy just off the boat stepping into the pit is a pipe dream. I dont know what the seat lease is these days or what all of the expenses are anymore but I guess their monthly nut before dollar one would be pushing 8 to 10k, and thats without having to do any soft...

1250 a day in a vacum, dont forget all your fixed and all your variable expenses.

Where do you even start with a statement like that? I would ask to see the data to support that one but I think we all can see how absurd that claim is. I am sure he makes a fortune trading stuff like that statement of course its risk free.

I don’t believe they ever said the recession is over even once yesterday during the trading day. Why are people on ET so obsessed over CNBC and always in a negative way? If you don’t care for them simply turn the channel, try FBN or Bloomberg. Week after week people on ET complain about...

Sort of a moot point since the speculation in crude would simply shift from the nymex crdue contract to the other crude markets around the globe. Not that the US gov't could or would ever try and pass a law like that. The US is far from the only market in these global commodities. All that would...

NIce post, well said. I would just add that there is a ton of soft money deals in the order flow game and there is a heck of a lot more out of pit dealing that goes on between MM's and floor brokers to insure the mm gets a piece of the action when the FB wacks up a trade. The point you make...

Ahh I see what we have here, riskfree has a bit of a memory / reading comprehension problem. You seem to think I really care what you had to say. Now hurry and read this thread one more time, and this time more carefully where I say: Its on page four of this thread, ... are you back now...

Frank if we do indeed sell off next week dont you think we'll see a lot of those Joe Six Pack guys telling us how they shorted the big rally?

Sorry I ddint read your post closely enough I thought you were talking about the es vs the big SnP contract

Longhorn, great post but it wont happen. He is here for ego reasons only and there is no back patting to be had on the market calls that dont work out. Ask him where his "risk free trading strategy" is. According to his own words he only takes risk for sport. Nuf said!

Since they're a perfect ratio arb for each other you can bet its a tight spread

nothing has really changed other then the FED will now take the banks junk and hold it for 28 days as colateral in excange for cash at a low rate. Their hope is that with cash on the balance sheet maybe the banks will losen their credit restrictions and lend some money to open up the economy...

If there is a need they'll build them but I would suspect open outcry is not the way to go.

Really depends what kind of pit you're talking about but eveyrthing ends on on t&s. There are exchange reports whose who job is just to keep the t&s pretty accurate. Also the guys in the pit has a duty to get stuff on the tape right away. Its a lot better these days then it used to be. You...

As everyone has said the swap is priced into the conversion. You can work the yield curve by having your underlying out on a different date then the settlement of the options but now you have rho risk. There is no such thing as a free lunch. There used to be ways to capture that swap using...

in a 2 for 1 split gamma is raised to the power of 2 ( squared )

Its not just that they wont trade with a new guy. Who the orders go to in the pit is a complex system of who is sending orders back to who and who is paying for order flow and who takes care of the brokers who are bringing orders to the pits the best.