what f*ck just happened
- Thread starter dawg
- Start date
This guy must be on some great hallucinogenic drugs because he obviously has NO IDEA HOW ILLIQUID the stock-index futures markets can be on a "normal" day, let alone a "half-session".
The fact of the matter is that no one would have been able to sell the thousands and thousands of futures contracts on Thursday's half-session without the market IMPLODING.
The reason being is that on a day when the S&P normally sees several hundred traders, you can bet that there was not even half that on the CME. Besides, any local worth his salt knows that Holiday markets can vacuum in one direction and steamroll over everyone like a freight train coming down the track.
As a result, the guys that were still in the pit yesterday weren't gonna stand there in front of a freight-train and absorb all of that CONSPIRACY SELLING, nor were they gonna sell thousands and thousands of contracts on the wicked snap-back rally back up!
In fact, the amazingly quick "snap-back" would reinforce the fact that hardly any volume of significance traded on the way back up!
Come on.
Does "Saschabr" really think that locals are that stupid, and that they are simply there on the floor to act as a punching dummy, and get whipped around like a bunch of clueless idiots, providing liquidity whenever they can?
GET REAL.
The fact of the matter is that no one would have been able to sell the thousands and thousands of futures contracts on Thursday's half-session without the market IMPLODING.
The reason being is that on a day when the S&P normally sees several hundred traders, you can bet that there was not even half that on the CME. Besides, any local worth his salt knows that Holiday markets can vacuum in one direction and steamroll over everyone like a freight train coming down the track.
As a result, the guys that were still in the pit yesterday weren't gonna stand there in front of a freight-train and absorb all of that CONSPIRACY SELLING, nor were they gonna sell thousands and thousands of contracts on the wicked snap-back rally back up!
In fact, the amazingly quick "snap-back" would reinforce the fact that hardly any volume of significance traded on the way back up!
Come on.
Does "Saschabr" really think that locals are that stupid, and that they are simply there on the floor to act as a punching dummy, and get whipped around like a bunch of clueless idiots, providing liquidity whenever they can?
GET REAL.
Come on, waggie. Give him a break. Unless you have actually worked in the pit or know for a fact what pit traders' average personal daily volumes are, you're just arguing. He's got a theory. If it helps him to think of the 'invisible hand' of the market in this way and he can trade using that imagery, then more power to him.
As for calling the CFTC and raising the Devil...let's look at the uproar that ensued among traders when Congressional leaders thought it might be necessary to kill the 60/40 tax treatment. That was a real threat to us. And people took some action. Some of those folks were able to get through and register their disapproval.
But an investigation for a supposed robbery? Come on. You haven't remembered the lesson of Dallas very well...knowing the truth will not always set you free.
Only in America
Bruce
As for calling the CFTC and raising the Devil...let's look at the uproar that ensued among traders when Congressional leaders thought it might be necessary to kill the 60/40 tax treatment. That was a real threat to us. And people took some action. Some of those folks were able to get through and register their disapproval.
But an investigation for a supposed robbery? Come on. You haven't remembered the lesson of Dallas very well...knowing the truth will not always set you free.
Only in America
Bruce
waggie: as you are so clever, pls come up with a good reason
for the following facts:
- why does someone want to sell 100 YM at the mkt ?
it would have gone through at least 4 price levels
- why does the order go to a clerk with no size limit ?
I dunno much about other firms, but the firms I
was with gave only the Head of Desk this privilege
- why makes this guy such a drastic typo ? It did'nt happen
for at least 6 months now (YM), otherwise I would remember,
I think, so the probability for this to happen is < than 1:100
on a day for all firms
- WHY DOES THIS ALL HAPPEN DURING A HOLIDAY TRADING
SESSION
So, as you know obviously everything better, please come up
with a good explanation
-- and before I forget, "The guys
were so busy because they were only 3 in a 5 man office",
is not good !! --,
otherwise it's time for me to laugh at you -- hehehehe
for the following facts:
- why does someone want to sell 100 YM at the mkt ?
it would have gone through at least 4 price levels
- why does the order go to a clerk with no size limit ?
I dunno much about other firms, but the firms I
was with gave only the Head of Desk this privilege
- why makes this guy such a drastic typo ? It did'nt happen
for at least 6 months now (YM), otherwise I would remember,
I think, so the probability for this to happen is < than 1:100
on a day for all firms
- WHY DOES THIS ALL HAPPEN DURING A HOLIDAY TRADING
SESSION
So, as you know obviously everything better, please come up
with a good explanation
-- and before I forget, "The guys
were so busy because they were only 3 in a 5 man office",
is not good !! --,
otherwise it's time for me to laugh at you -- hehehehe
Quote from bdixon619:
Come on, waggie. Give him a break. Unless you have actually worked in the pit or know for a fact what pit traders' average personal daily volumes are, you're just arguing. He's got a theory. If it helps him to think of the 'invisible hand' of the market in this way and he can trade using that imagery, then more power to him.
As for calling the CFTC and raising the Devil...let's look at the uproar that ensued among traders when Congressional leaders thought it might be necessary to kill the 60/40 tax treatment. That was a real threat to us. And people took some action. Some of those folks were able to get through and register their disapproval.
But an investigation for a supposed robbery? Come on. You haven't remembered the lesson of Dallas very well...knowing the truth will not always set you free.
Only in America
Bruce
I do not trade against an invisible hand. However, if you
think that futures markets are free of manipulation,
have an experienced trader explain you what e.g.
the TTE is.
waggie: before I forget, another proof how little your idea
of (Mini) S&P trading is:
I was talking about 5000 - 15000 ES at maximum.
You could theoretically sell 5000 ES in a single market order,
the market would go down "only" 10 levels, which equals 2.5 index points. I assume 500 contracts on each level (not level 1), this is given even during illiquid phases.
Concerning Thursday, overall volume in ES was something
between 400 and 500k, with about 100k due to this fiasco.
(say 50k down and 50k up again)
I do not consider this as illiquid, if you calc the volume per hour
it's equal to a normal session.
of (Mini) S&P trading is:
I was talking about 5000 - 15000 ES at maximum.
You could theoretically sell 5000 ES in a single market order,
the market would go down "only" 10 levels, which equals 2.5 index points. I assume 500 contracts on each level (not level 1), this is given even during illiquid phases.
Concerning Thursday, overall volume in ES was something
between 400 and 500k, with about 100k due to this fiasco.
(say 50k down and 50k up again)
I do not consider this as illiquid, if you calc the volume per hour
it's equal to a normal session.