Pit Boys Hurting

Free Thinker · Mar 7, 2003

Steven Smith

Working for a Living
3/07/03 01:17 PM ET

Isn't this so much fun? I was talking with someone who has trading in S&P futures pit for over 18 years now and he says the mood has never been worse. What's strange is that the locals and brokers, since they don't really care what direction the market goes or where it closes, used to love days like this; lot's of swings, holding and reversing off established levels, providing plenty of opportunity. But apparently the lack of paper at incremental price levels is making it impossible to trade without feeling like you can get your head handed to you at any moment. He says the question of everyones lips "So, what are you gonna do when you can't trade anymore?" A capitulation of another kind?

ZBEAR · Mar 7, 2003

Interesting.

I assume that by "Head Handed to You at Any Moment",
that would include something like this mornings 10:12 Spike ?

bungrider · Mar 7, 2003

yeah NO KIDDING

i had a PERFECT 100% SWEET setup this AM on the nasdaq and I was too gunshy to get greedy and take it.

this AM was totally sweet trading overall - like CANDY - at least for trading listed - and this trade on the naz, had i taken it, would've made my day...

now normally I don't give a shit about missed trades and i fight hard not to beat myself up with that self-antagonizing missed opportunity crap, but what pissed me off was how much these markets suck and how that nice trade could've easily been totally out of my control, which is why i didn't take it...NOTHING is for certain lately and this is really starting to annoy me.

%$#@&!

Biog · Mar 7, 2003

Quote from vhehn:

Steven Smith

Working for a Living
3/07/03 01:17 PM ET

Isn't this so much fun? I was talking with someone who has trading in S&P futures pit for over 18 years now and he says the mood has never been worse. What's strange is that the locals and brokers, since they don't really care what direction the market goes or where it closes, used to love days like this; lot's of swings, holding and reversing off established levels, providing plenty of opportunity. But apparently the lack of paper at incremental price levels is making it impossible to trade without feeling like you can get your head handed to you at any moment. He says the question of everyones lips "So, what are you gonna do when you can't trade anymore?" A capitulation of another kind?

So much pity for the pit guys....

Maverick74 · Mar 7, 2003

Quote from vhehn:

Steven Smith

Working for a Living
3/07/03 01:17 PM ET

Isn't this so much fun? I was talking with someone who has trading in S&P futures pit for over 18 years now and he says the mood has never been worse. What's strange is that the locals and brokers, since they don't really care what direction the market goes or where it closes, used to love days like this; lot's of swings, holding and reversing off established levels, providing plenty of opportunity. But apparently the lack of paper at incremental price levels is making it impossible to trade without feeling like you can get your head handed to you at any moment. He says the question of everyones lips "So, what are you gonna do when you can't trade anymore?" A capitulation of another kind?

Hey Vhehn, I don't know if you have been reading any of the other threads on this board but every other thread talks about how the lack of liquidity is killing them. I mean there must be 1,000 posts a day by daytraders on here crying about the lack of liquidity. So yeah, I guess everyone from the boys at the NYSE, the locals in Chicago to even the nasaq market makers on the screen are getting hurt by the low volume. I mean come on, have you checked out the as the Worldco turns thread. This is nothing new however it is now starting to get old. Lets see if we can start productive threads that don't complain about how much this market sucks.

uptik2000 · Mar 7, 2003

and the you got the floor specialist gettin' wacked too...

see the action in LaBranche(LAB) yesterday?...it was down bigtime....after the other NYSE listed specialist reported crap earnings.

TheCaracal · Mar 7, 2003

Quote from Maverick74:

Hey Vhehn, I don't know if you have been reading any of the other threads on this board but every other thread talks about how the lack of liquidity is killing them. I mean there must be 1,000 posts a day by daytraders on here crying about the lack of liquidity. So yeah, I guess everyone from the boys at the NYSE, the locals in Chicago to even the nasaq market makers on the screen are getting hurt by the low volume. I mean come on, have you checked out the as the Worldco turns thread. This is nothing new however it is now starting to get old. Lets see if we can start productive threads that don't complain about how much this market sucks.

That's the whole point of a Bear Market..to wear everyone out, till no one want's anything to do with the markets...total apathy, we are not there yet, but we are getting real close. Bottom's are processes, not events (like people are still trying to game), when everyone gives up from frustration (beginning to happen?), then maybe the torture will be over in the distant future.

BTW, if you are doing well, then congrats and more power to ya!

Best
David

compisnada2002 · Mar 7, 2003

It may be anoying but I wish I had more traders with that kind of discipline.

Keep up the good work!

Comp

Quote from bungrider:

yeah NO KIDDING

i had a PERFECT 100% SWEET setup this AM on the nasdaq and I was too gunshy to get greedy and take it.

this AM was totally sweet trading overall - like CANDY - at least for trading listed - and this trade on the naz, had i taken it, would've made my day...

now normally I don't give a shit about missed trades and i fight hard not to beat myself up with that self-antagonizing missed opportunity crap, but what pissed me off was how much these markets suck and how that nice trade could've easily been totally out of my control, which is why i didn't take it...NOTHING is for certain lately and this is really starting to annoy me.

%$#@&!

dis · Mar 7, 2003

Heard on Bloomberg TV that program trading accounts for 47% of the volume.

Trajan · Mar 7, 2003

Quote from TheCaracal:

That's the whole point of a Bear Market..to wear everyone out, till no one want's anything to do with the markets...total apathy, we are not there yet, but we are getting real close. Bottom's are processes, not events (like people are still trying to game), when everyone gives up from frustration (beginning to happen?), then maybe the torture will be over in the distant future.

BTW, if you are doing well, then congrats and more power to ya!

Best
David

The past couple of weeks was the first time since the bear market began that I felt a part of this process begginning. People have to learn not chase stocks either up or down. They still do. When Vol gets annihilated that will be one of the signals we are nearing the end. However, people will buy the cheap vol as it collapses because they look at stats saying it's the cheapest ever for this or that stock. Vol will stay cheap for a while. Today gave me a great opportunity sell premium which I took advantage of. Time is now my friend.

Yeah, I know, I'm fucked.