ES Journal Archive (2009 - 2010)

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Quote from bighog:

1987 the stock mkt hit -22%, today looks like at worst it was -9% plus change. 1987 was blood in the streets, this was biggie but not as bloody.

Today was another example where the COMPUTERS can not handle real shit hitting the fan. Humans as specialists at NYSE or pit traders handle extreme situations, computers get their bits all crossed up.

FWIW,.......the guy that keeps calling, a price and a point here, a point there, is blowing smoke up his ass. Today the trend was down, PERIOD. I was not in on the fun, i sat down and saw it happening and said................"DO not touch this" the risk to reward was not worth it, there are times to trade and times not to.

PS, the exchanges will NOT ADMIT their systems could NOT handle the situation. Computers can not handle this stuff.. Bring back the guys/gals that can handle a panic..........regardless of how or why it was caused. for an exchange to admit their systems suck would open them up to all kinds of bad news.

Again, this was childs play compared to 1987. :) :eek: :cool:
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Dude,

In 87, we were all very green back then.

Nowadays, both the authorities the seasoned traders, and deep pocket firms and funds have grown.
 
Quote from schizo:

In any case, does anyone know why ES stopped at 1066.50? From TA standpoint, it makes no sense.

BTW is there any lucky soul who caught the entire downdraft, let alone a big chunk of the reversal? Crap, how the hell is it possible to recover 70 points in just 10 minutes? As you might remember, we had a 100-point drop back in 2008 when the TARP did not pass in the Congress. But for days, everyone knew and was fully anticipating the drop if it didn't pass. Today's drop came out of nowhere!
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ES halted there simply because they tripped the circuits to halt all index trading. Random stop... nothing more.

As for the "fat finger" hocus, that only happened because someone was panicking in the midst of a meltdown. It did not cause the crush, it accelerated the tail end. Crude futures down -$7 off session highs didn't happen because PG did / did not do something.

Program-slam dominos plunge, then someone with too much adrenaline rushing in the heat of panic hit the wrong order fill. Cross-spread markets all dive in unison.

fwiw, I started shorting TF on every break from 1pm est into the first leg, logged +25 index points and thought that was surely the day. Missed the real drop, missed half the pop but wound up with another +15pts from the middle chunk past halt/restart.

A personal record for me in ER2/TF points, but twice that or more was possible. Didn't work anything but CL in the morning, didn't catch the plunge or first pop, sold too soon before the afternoon peak highs. In other words, usual missteps, usual mistakes, just business as usual in a most unusual day = event.

We cannot build careers out of these outliers... it only tugs at the inner-gambler in us. Catch or miss, it was merely one random night at the casino. Means absolutely nothing about long-term success or otherwise. Back to work tomorrow... but no more of those miserable <10pt ES comatose tapes to endure for awhile :)
 
austinp,

I suspect that range may collapse from this point onward so do not expect too much from the great volatility we've enjoyed over the past few days.

The ones in power do not want to see this happening. e.g. China does not want its 15% government directed real estate price haircut to be associated with a stock mkt crash.

So, a heated broiler room will be created from now on for several months as those in power will try all they can to control this mkt.

They will fail. =)
 
Quote from Lawrence Chan:

austinp,

I suspect that range may collapse from this point onward so do not expect too much from the great volatility we've enjoyed over the past few days.

The ones in power do not want to see this happening. e.g. China does not want its 15% government directed real estate price haircut to be associated with a stock mkt crash.

So, a heated broiler room will be created from now on for several months as those in power will try all they can to control this mkt.

They will fail. =)
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I doubt we'll make a steady diet of -109pt drop / +80pt pop v-turns in the ES intraday. But we probably won't see two <10pt ES sessions each week, either.

In my case it's irrelevant because CL is my primary and eminis secondary targets. In today's adventure, imo the eminis were easier and offered more profit than CL did. But I'll trust the CL to keep the vol-vol cranking for several years to come, as it has the past several years behind us now :)
 
hi guys, for those of you with active stop loss (market) orders in ***IB**** before the crash, and got hit during the crash.

Do you mind sharing what the stop loss was at, and where it actually got filled. I am very interested to see how well IB filled those orders, i believe they manage the orders themselves and not queued on the exchange?

thanks
 
Use stop limit, which is queued in globex. Stop is saved on IB servers, and it might not even trigger.

Quote from newguy05:

hi guys, for those of you with active stop loss (market) orders in ***IB**** before the crash, and got hit during the crash.

Do you mind sharing what the stop loss was at, and where it actually got filled. I am very interested to see how well IB filled those orders, i believe they manage the orders themselves and not queued on the exchange?

thanks
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