Sharp one minute drop in soybeans

[dafeeder]

Quote from RPG:

13:14 - 13:15 CT All Trades Stand in ZS (Soybeans), XB (mini-sized Soybeans), and ZM (Soybean Meal)


CME Group
20 South Wacker Drive
Chicago, IL 60606 USA

How can the lows for the front two contracts in the soybean futures be from 34 to almost 40 cents lower then Soybean PIT lows? If the electronic soybean futures traded 40 to 50 lower in the last minute how did it only settle down 8 cents? Your telling me there were enough electronic buy orders coming into the market to rally it back up in the last 5 seconds or after the close?

Total BS and all the CBOT can say is ALL Trades Stand. Sure was a nice way to get rid of a bunch of sell stops. What a Joke. Where is the Integrity in the market?

 

[Anekdoten]

Well looking at the chart, that's a downtrend, what if you were short, still rigged?

Anek

 

[ChiBondKing]

Quote from Surdo:

I am not a bean punter, but I know the "settlement price" is usually the pit close in other contracts, vs. GLOBEX close.

surdo the punter

Yep..... I heard the pit was quite the place to be when they all saw what was happening on their handhelds into the close....

Half of em were down at Ceres drinking thinking it would be a quiet close...

A few of em sh*t their pants looking at the price board as they downed their shots... and went back to drink more

 

[youngtrader]

Yeah that was fucking ridiculous! I know a few guys that trade the grains electronically at the BOT and they said it all happened within like a half a second! And everybody still thinks electronic markets are the best lol!

 

[Vienna]

Quote from Anekdoten:

Well looking at the chart, that's a downtrend, what if you were short, still rigged?

Anek

Not on my ZS X8 Swing chart... my entry on 12/18 was a pullback in a beautiful uptrend.... trade worked well even though stopped out.

On second thought, I should have closed out before.... there must be some big sell orders (taking profits for the end of year) out there if Soy ramps up like this...

 

[Anekdoten]

Quote from Vienna:

Not on my ZS X8 Swing chart... my entry on 12/18 was a pullback in a beautiful uptrend.... trade worked well even though stopped out.

On second thought, I should have closed out before.... there must be some big sell orders (taking profits for the end of year) out there if Soy ramps up like this...

I just looked at the posted chart.

Still a crazy move, no doubt.

Anek

 

[athlonmank8]

Quote from Anekdoten:

Well looking at the chart, that's a downtrend, what if you were short, still rigged?

Anek

lol

 

[athlonmank8]

I thought almost all grains got hammered friday. Wheat didn't fare too well either.

 

[bighog]

You get shit like that with electronic matching servers. Everyone says computers and a little juice called electricity would solve all the worlds ills. Well boys and girls we see no such results.

Humans do not cause silliness as we see now and then in electronic mkts. Sure many advantages to electronic mkts and i do not want to go back on speed etc..............BUT, humans are better to handle panics whereas computers just match lopsided orders as they are told. Fat finger errors etc are just a few of what now must be included in your defense plan.

The exchanges do not correct these "screw Jobs" because it would be admission that the computers are NOT perfect as many claim.

RESTING orders are dangerous. MOC does not mean MARKET ON CLOSE...............more like MURDER ON CLOSE .. :eek:

Humans in the pits are still needed as this and numerous examples prove over and over again. Notice the settlement price of the contract that the low was 1165, gee kind of matches the pits settlement price without the "screw job"

 

[youngtrader]

Quote from bighog:

You get shit like that with electronic matching servers. Everyone says computers and a little juice called electricity would solve all the worlds ills. Well boys and girls we see no such results.

Humans do not cause silliness as we see now and then in electronic mkts. Sure many advantages to electronic mkts and i do not want to go back on speed etc..............BUT, humans are better to handle panics whereas computers just match lopsided orders as they are told. Fat finger errors etc are just a few of what now must be included in your defense plan.

The exchanges do not correct these "screw Jobs" because it would be admission that the computers are NOT perfect as many claim.

RESTING orders are dangerous. MOC does not mean MARKET ON CLOSE...............more like MURDER ON CLOSE .. :eek:

Humans in the pits are still needed as this and numerous examples prove over and over again. Notice the settlement price of the contract that the low was 1165, gee kind of matches the pits settlement price without the "screw job"

I agree completely. Electronic trading has been good but there is a lot of flaws in it thats for sure. I would not be suprised to actually see the pits stay open for a long long time just incase of craziness like this. It would not suprise me to see a little more volume come back to the pit over the next few years also.