ES between 3 and 3:15 pm CST on 2/4/03

D

daydreaming

What happened on 2/4/2003 between 3 and 3:15 pm CST? ES quotes went as high as 948 from 847 in 3 minutes? Did Globex have a technical problem or somebody was trying to clean up stops? Is this common?
 
Subject: ESH3 Trades above 86000 are in question
This is a Message From: GLOBEX Control Center
Effect Date: Tue February 4, 2003 03:16 pm CST
Notice Number:

Message:
 
qdz,
I have been trading es for about a year & have seen nothing like this before. I also see nothing like this in historical charts. Are you sure about your comment - particularly regarding the size of this spike?
 
Quote from McCloud:

1contract,

These death spikes used to happen more often up to a couple of years ago..fwiw
More...

Usually in response to surprise intraday rate cuts.

Check out 1/03/01, and 4/18/01.

I remember these well since I was long both times, and bailed for lunch each time.

But they don't happen much anymore.
 
Quote from TheCaracal:



Usually in response to surprise intraday rate cuts.

Check out 1/03/01, and 4/18/01.

I remember these well since I was long both times, and bailed for lunch each time.

But they don't happen much anymore.
More...

..and lets not forget oct 15, 1998...that was really sinister...about 2 minutes after the bond market closed and the day before october options expiration...market went flying and never looked back...set up the entire final move higher into 2000...

its a good thing greenspan does not have the proverbial "bullets" anymore...that kind of trickery should be removed from the markets...
 
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