CME NYMEX COMEX are down
- Thread starter RedDuke
- Start date
In my defense I did wait a day to hopefully catch his more rational mind
It was a pretty textbook example of how NOT to communicate during an "emergency" on CME's part, although I guess not communicating was exactly what they did!Nothing from IBSad
I'll share a funny story. In 2003 (i think) I was short an ES and working the bid side to cover with an IB account. It was around 10:30am, when the quotes stopped changing. I looked on ET and saw that Globex was down. No word from IB. My position was still, short 1 ES.
All day, the CME kept saying "Globex will be back up in an hour." As time ticked away, stocks were rallying, like mad.
By 3:00pm (CST) $SPX had rallied 17pts, a big % move at that time. Globex never did reopen. Nor, did it reopen at 3:30. Finally at 5:00pm the system was back up. Figuring that I'd been short the whole way I up I prepared to cover but VOILA', I was flat, with a timestamp on my cover a minute or two before Globex had shut down!
What I learned after the fact was, IB and other brokerages lost their signal to Globex first (hence, no fill report from the exchange), so a couple of minutes later, the CME decided to take it all offline.
That's the last time that I too, remember a multi-hour Globex shutdown.
Good thing you didn't attempt to hedge it with SPY or something! That's actually a valuable story for me, as I probably would have tried to cover elsewhere.
Yea, at the time YM wasn't yet on Globex (pre-CME/CBOT merger) so I thought about hedging there, and if I known beforehand that the Dow would close +155, I would have.
Exactly right. Huge Thanks for posting updates. Tons of people here do not understand much.
I have multiple algos running, if CME would not make any announcements, I would have been forced to turn everything off. I had multiple/complex orders in the markets, and if CME would have announced that even GTC orders would be cancelled, I would have needed to prep for that. Once I knew market was being reopened and GTCs would stay in tact, there was indeed nothing to be done.
Too many pikers here, who either trade for fun (tiny amounts), sim trade or just trolling. I treat trading as business, and when unknown happens you do everything you can to prep and deal with it.
I was nowhere near to be overextended. Just wanted to know what to expect and when. Just that simple. I started this thread about specific outage, and people started to post unrelated garbage. And I always stay calm, since I do not make any trading decisions, algos do.
Like I said earlier, I treat trading as serious business.
I was a professional pilot for many years. I treated it as a serious business. And yet I didn't bite the head off my flight mechanic when they cracked a joke about how we'd been sitting on the ramp for 4 hours waiting for a replacement part to be delivered. I usually joined in, in fact.
At the point you can do nothing else, chill. Even if you are a very important BSD who is far better than the rest of the rabble 'round these parts. We were all at that point when you were snapping around yesterday, a little levity didn't hurt you any and helped a few others. If you want Asperger's level focus on trading, this probably isn't the best spot for you.
We all do. But you injected a sense of panic into your mindset by starting this thread in the first place.
If you have any questions, call your broker, or call the exchange yer doing your business with. Don't ask here. Because if you have tons of money on the line, you should not be asking here, where we cannot help you.
Treat your trading like a REAL business and speak with those who are the foundation of your business, like the exchanges you do business with?