Freeze the screen at 0:57 seconds -- it shows the LAST for April futs as 142.
Remember that the Dukes (through Wilson) had opened with an aggressive BUY order. The rest of the wildebeastskeyed in on that, and bid the market from 102 to 142 over the next 50 seconds. Since it's an open, and things bounce and plunge, Lewis wants to wait, wait, wait til the topmost price he can get before the market itself starts with downward (short) marks. The market (shooting upward) hits 142, and Lewis utters, "Now." AND THEN launches a sizeable SELL order AT THE MARKET {and not at 143 or 145 or whatever} -- HE SIGNALED THE TURN all by his lonesome self. With the market looking to buy as much as possible at 142, they sold as much as they could at 142, and then rode the market down to 102s and the Ag Report. The market pauses, receives the good news, and then rips into 96, then 77 and 46 (when they start covering) -- going all the way down to $29 when they covered their last.
So, the key moment was when they crossed the BID-ASK spread with a sizeable BUY at mkt=$142. Everyone wanted to buy from them (rather than chase the offer up), and eventually {which is to say, "a few seconds later}, others were selling too: 120s, 110s, down to 102.
So they basically just sold at market! OK. It wasn't clear. Now it makes sense. They waited for what seems like a high price then sold at market. But in real life, it could go much much higher then going down. I think we all have had that experience. You can be right eventually but you might have to sit through some scary open losses.
But the reason they were confident is because there is a catalyst. The OJ report and they had inside information. OK. Makes sense.
Thanks!
There we go. 