ES Journal Archive (2009 - 2010)

[schizo]

Quote from Chuck Krug:

april 4, 2000
i remember that day. there were no bids for what seemed like ages. probably only a couple of minutes in reality. market tanked hard untill buyers stepped in and started buying agressively.
i remember i just sat there and looked at the prices and didn't know what to do. (i had no positions though)

To be fair, the morons (ie. general public) were a bit more optimistic about their destiny than now. No need for me to remind you about all the endless talk about "oh, this time it's definitely different". I still chuckle every time I think about the idiot who openly stated that the Dow would hit 20,000.

It was also funny how the entire news networks that night had to educate the masses at large about the threat of receiving a margin call. Anyway, many lost their fortune that day and rightly so IMHO.

 

[jjj1000]

In my opinion the most important thing that happened today was that some (many) stocks traded at absurd prices. For example, there were 18 trades on accenture at 1 penny, see: http://www.chicagotribune.com/business/ct-biz-0507-markets-chicago--20100506,0,5785472.story !! acn closed at 40 something. Now, those prices are really wrong. then I can see 2 possibilities: an human/computer error, or someone terrorizing the market. Neither of those is good at all. Is the system that weak? that is a big, big deal and will have enduring consequences on how the markets (will) work

 

[schizo]

Quote from tstones:

the key is where the order rests. globex supports native stop limit order, but not stop market order. so your stop limit order rests there, and once the stop price hit, your order is entered into the book as a limit order -- all done locally. Wheres stop order sits on IB servers, only after IB sees a quote of the stop price, it sends a market order to the exchange. so at least you save the network delay.

I have no idea to your original question though, was not in the market.

Quote from tstones:

that's not my understanding. for CL maybe. but CME does support native stop limit order.

Look at this image and you will note that stop limit is not accepted at CME. Pay special attention to the box color.

 

[schizo]

Quote from jjj1000:

In my opinion the most important thing that happened today was that some (many) stocks traded at absurd prices. For example, there were 18 trades on accenture at 1 penny, see: http://www.chicagotribune.com/business/ct-biz-0507-markets-chicago--20100506,0,5785472.story !! acn closed at 40 something. Now, those prices are really wrong. then I can see 2 possibilities: an human/computer error, or someone terrorizing the market. Neither of those is good at all. Is the system that weak? that is a big, big deal and will have enduring consequences on how the markets (will) work

Maybe I'm behind the curve but I just don't understand how something like this could happen when the exchanges like NYSE, NASDAQ and CME, as well as investment banks like Citi spend huge sums of money on technology.

 

[Lawrence Chan]

Quote from volente_00:

If this was indeed a emini fat finger, are there not individual position limits on the firm?

A basket order on a bunch of b.s. accounts.

 

[Chuck Krug]

april 4, 2000
i remember that day. there were no bids for what seemed like ages. probably only a couple of minutes in reality. market tanked hard untill buyers stepped in and started buying agressively.
i remember i just sat there and looked at the prices and didn't know what to do. (i had no positions though)
--------------------------------------------------------------------------------



To be fair, the morons (ie. general public) were a bit more optimistic about their destiny than now. No need for me to remind you about all the endless talk about "oh, this time it's definitely different". I still chuckle every time I think about the idiot who openly stated that the Dow would hit 20,000.

It was also funny how the entire news networks that night had to educate the masses at large about the threat of receiving a margin call. Anyway, many lost their fortune that day and rightly so IMHO.



The funny thing to me was that cnn and cnbc never called it a crash that night, while it so clearly was one.

 

[Pekelo]

Quote from volente_00:

Today reminded me of april 4, 2000

Market Open : 1506
High : 1526
Low: 1416
Close: 1494

The next day had a +12 -16 range closing only -7 pts down. Let's see if we repeat that...
For a week the market lingered in the 1487-1527 area before further drop....

 

[emg]

Good Morning Traders!

 

[Pekelo]

I adviced B1S2 almost a year ago just to follow blindly Metastocktools signals, since he can take 20-30 pts heat and he is in it for the longer term.

Quote from Pekelo on June 8th, 2009:

Metastocktools has rapid fired a long and a short signals.

So right now we are on a longer term SHORT signal, B1S2, you can go short now.

Well, let's see how the signal has been doing lately:

Looks like he would have made very decent money following my advice and he would have caught this crash just fine....

 

[Blotto]

Quote from blox87:

Historic. I see regulation written all over this shit though.

Quote from Eko_Trader:

Guys, there will be some serious regulation attempts coming on later.

Yes...as I said to a friend yesterday...if this keeps happening I'm not sure we will be allowed to keep on trading...

It isn't funny. Idiot public knee jerk reactions and incompetent corrupt politicians.