ES Journal Archive (2006 - 2008)

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Quote from JSSPMK:

Long off 30,5,3

scaled out +2.75
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1/3 b/e, not enough buyers out there, will wait & see if there is anything worthwhile pre-news & Ben

re-entered Long 1373.25 50% size
 
Quote from JSSPMK:

-3.25

Long 1369.75 off S1

Scaled out +1.75

1/3 -0.25

9am overall looking more bearish, 1m might provide bounce here

Long 1369.25 off 1
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b/e

Long 1370 off 3, taking a while to get a break here

Scaled out +0.5
 
Quote from apex82:

Alright.. back to the daily grind. I went away for a week during the holiday and decided to change my itinerary and stay longer. You dont realize how much you need a vacay until your on one... Hope you guys have been bangin out some nice profits the past while.

For tomorrow.. very critical day.. the most important for the next few weeks if you ask me. If we break higher and hold it for over an hour or 2 we are most likely headed for a big breakout to the upside to at least 1430 at a minimum. The market is overbought on the lower timeframes so if it does break to the upside here there will be some big dips along the way to work this condition off, but overall the trend will most likely continue higher.

The other side is where I am licking my chops... a break of yesterdays low would be a clear sign of weakness and look for pros to start flooding the gates. If this happens definately look to put on a short position in the morning and hold for a larger target.. If we break yesterdays low I will be selling call spreads like crazy above the 1400 pivot. Tight risk for large reward is how the short side will play out if they can take it lower. I will be looking for 1300 as a minimum and look to carry runners for new lows.

Looking at soybeans right now for a possible major reversal to the downside... no positions as of yet but watching carefully..

Take a look at a wheat chart... holy shit.. as blackguard says.. that day could definately end trading careers with volatility like that.. I took a couple stabs early on but when I saw that the market was just utter chaos it was just not worth the risk..
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Blackguard was correct... one trading career ended:

http://biz.yahoo.com/bw/080228/20080228005520.html?.v=1&printer=1

MF Global Announces $141.5 Million Bad Debt Provision
Thursday February 28, 8:30 am ET
Company Remains Well-Capitalized with No Impact to Client Funds


NEW YORK--(BUSINESS WIRE)--MF Global (NYSE: MF - News), a leading broker of exchange-traded futures and options, announced that during the early hours of Wednesday morning, February 27, a registered representative in one of its U.S. branch offices, trading in the wheat futures market in his personal account, substantially exceeded his authorized trading limit. The registered representative concerned has been terminated effective immediately.

A failure in one of the company’s retail order entry systems permitted the representative to establish significant positions in his own account which were liquidated later that morning. The unauthorized activity resulted in him incurring a loss of $141.5 million, which the company, as a clearing member, is responsible to settle at the clearinghouse. As a result, the company recorded a bad debt provision for the full amount.

The company believes it has made the appropriate adjustments to its order entry systems to prevent a recurrence of unauthorized trading of this type in the future. In addition, MF Global has engaged a third-party risk technology consultant to review its relevant order entry systems.

Client funds are not at all impacted by this event.

The company’s capital and liquidity position remain strong. The loss represents approximately six percent of the company’s equity, in addition to which it has close to $1.5 billion in undrawn committed credit facilities.

In the company’s fourth fiscal quarter to date, net revenues are exceeding all comparable prior periods of this fiscal year. MF Global remains confident in its business prospects and long-term financial performance.

The company will hold a conference call at 11:00 a.m. EST today to discuss the matter.

Dial-in information:
U.S.
(800) 659-2056

International
(617) 614-2714

Participant Passcode:
47046771



A live audio webcast of the presentation will be available on the investor relations section of the MF Global Web site and will be available for replay shortly after the event.

ABOUT MF GLOBAL

MF Global Ltd. (NYSE: MF - News), formerly Man Financial, is the leading broker of exchange-listed futures and options in the world. It provides execution and clearing services for exchange- traded and over-the counter derivative products as well as for non-derivative foreign exchange products and securities in the cash market. MF Global is uniquely diversified across products, trading markets, customers and regions. Its worldwide client base of more than 130,000 active accounts ranges from financial institutions, industrial groups, hedge funds and other asset managers to professional traders and private/retail clients. MF Global operates in 12 countries on more than 70 exchanges, providing access to the largest and fastest growing financial markets in the world. It is the leader by volume on many of these markets and on a single day averages six million lots, more than most of the world’s largest derivatives exchanges. For more information, please visit mfglobal.com.

FORWARD-LOOKING STATEMENT

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: Forward-looking statements in this press release, including statements relating to the Company's future revenues and earnings, plans, strategies, objectives, expectations and intentions, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy, and some of which might not be anticipated. We caution you not to place undue reliance on these forward-looking statements. We refer you to the Company's filings with the Securities and Exchange Commission (SEC) for a description of the risks and uncertainties the Company faces.



Contact:
MF Global Ltd.
Media:
Diana DeSocio, 212-589-6282
ddesocio@mfglobal.com
or
Investors:
Lisa Kampf, 212-589-6592
lkampf@mfglobal.com
or
Media or Investors:
Jeremy Skule, 212-319-1253
jskule@mfglobal.com

--------------------------------------------------------------------------------
Source: MF Global Ltd.
 
entering first short here at 1373

add on 1374

stop 1375.50


target new lows.. take some off and let it ride at breakeven for the remainder of the day

shorted call spreads above 1400 on es... if we close up on the day may close out at the close
 
OOOOPSSS!! This sounds like SocGen, you only hear about this if it goes the wrong way. How come Joe retail can't over trade like this. Its like magic how the people who work for a company can override those pesky risk management systems. The market is an endless source of entertainment. Welcome back Apex, please update the wheat trade on youtube if you can, Thanks.
 
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