what f*ck just happened

nice of them to take as long as possible and break the trades. f-ckers.

it's unbelievable the mkt could have been higher and you would have had a loss b/c some jackoff screwed up....i am sure they take care of regular customers that way too....they should have had to execute all of them at the low of the day of the DJ pit contract...bullshit.
 
I does mean that there could be an overhang of short positions that need closing when the market re-opens, and the possibility of a squeeze. Lucky it wasn't a big volume day.

I agree that they should have executed at the pit low instead of busting them.

Natalie
 
Quote from LizardHead1:

Was listening to XSquawk at the time. They are saying it was a 10,000 lot vs. a 100 lot in the YM that did it. The pit went nuts! I thought that the speakers on my laptop were going to blow! Great entertainment (if you were sitting on the sidelines).:)
More...

any way to get a recording of it? just for shits and giggles.....
 
Quote from rttrader:

CNBC is saying it was an "unintentitional" sell order hitting the mini's .... then the computers then start hitting all the bids going down.......didn't this happen in the pits about 2-3 months ago?

rttrader -
More...

yeah i remeberd that, longer time ago though last year, it was right into the clsoe but not as severe... i wasthinking the worst today, i was in a stubborn short at teh time so for me the timing couldnt be better.
 
I want to see a pic of this guy who can't type '100' into a keypad.

Anyway, the guy should be taken downtown in cuffs for disrupting the financial markets and causing people emotional strain right b4 a national holiday.

triple
 
CHICAGO (Dow Jones)--An apparent mistaken sell order in Chicago Board of Trade e-mini Dow Jones Industrial Average futures created havoc and some wild market moves in financial markets at both the CBOT and the Chicago Mercantile
Exchange in a shortened session Thursday.

CBOT traders reported the exchange announced all trades below 9018 in the Dow futures market would be canceled, although CBOT officials told Dow Jones newswires they were still investigating the matter and did not have an official
comment yet.

Market participants said an apparent order to sell about 10,000 contracts instead of 100 was put in by a firm by mistake in the e-mini market. The e-mini Dow futures trade electronically alongside the open-outcry market, and are half the size of the standard contract. They are priced at $5 times the index per contract, representing a notional value of about $45,000 at a level of 9000 in the Dow.

The CME also offers trading in e-mini stock index products, including the Standard & Poor's 500 and Nasdaq 100 futures markets.

Stock index markets at both exchanges were in rally mode after a stronger-than expected economic report - the Institute of Supply Management's non-manufacturing index - when very suddenly, the market took a sharp turn for the worse.

It threw participants in trading pits at both the CBOT and CME off guard.

"At first I thought something really bad had happened, like some kind of terrorist incident," said David Graff, principal with Stat Capital. Graff is active in the e-mini Dow market and said, like many others, he happened to be caught long on the move.

He said he'd never seen anything like that happen in the e-mini Dow futures before, calling it "highly unusual."

The mistake created a ripple effect in the CME's S&P 500 and S&P e-mini contracts as well, as many of the same participants are active in both markets and also arbitrage between S&P and Dow futures markets.

Fast markets were briefly posted at the CME during the chaos, and even
interest rate markets reacted by pulling off their lows when the equity futures
markets started to melt down at both exchanges.

"Our first reaction was that it was related to some type of news event, the
moves were so highly exaggerated," said Steve Leuer, a broker with Prudential
Futures. "After everyone realized what had happened, it sort of stopped trade
cold. People were pretty upset about getting stopped out long for no real
reason."

CME officials said they are not going to cancel any trades in their markets,
saying the market made some erratic moves but not enough to create a widespread
impact on market participants.
 
I was trading futures at the time and was dumfounded by the move ,and somewhat hesitant to dive for the mouse., But did any one pile into long stock positions if they followed the move with some arbitrage via the index futures... did the price move on those stocks as the arb models moved in ?

they sure wont be cancelled...
 
Quote from Kap:

... But did any one pile into long stock positions if they followed the move with some arbitrage via the index futures...?
More...

From the chat log:
====================
nitro (Jul 3, 2003 10:40:25 AM)
out NQ - 1

nitro (Jul 3, 2003 10:40:29 AM)
WOW

...

nitro (Jul 3, 2003 10:40:32 AM)
WHAM

...

nitro (Jul 3, 2003 10:40:41 AM)
WOW

nitro (Jul 3, 2003 10:40:48 AM)
MONSTER PREM

losloslos (Jul 3, 2003 10:41:02 AM)
u didnt understand this severe interaction

macal425 (Jul 3, 2003 10:41:04 AM)
wow. Just wiped out a $800 loss on one trade.

Hambone (Jul 3, 2003 10:41:08 AM)
wtf

FRuiTY PeBBLe (Jul 3, 2003 10:41:12 AM)
holy shit

...

nitro (Jul 3, 2003 10:41:14 AM)
I have no idea where Qs are trading?

nitro (Jul 3, 2003 10:41:16 AM)
WTF?

nitro (Jul 3, 2003 10:41:20 AM)
I see .54

nitro (Jul 3, 2003 10:41:26 AM)
byt the bid is 63?

nitro (Jul 3, 2003 10:41:35 AM)
WHAMMMMMMMM

FRuiTY PeBBLe (Jul 3, 2003 10:41:43 AM)
what the hell was that

losloslos (Jul 3, 2003 10:41:48 AM)
this is not the bottom

marketsurfer (Jul 3, 2003 10:42:01 AM)
los jsut made a killer call in the EUR

Yannis (Jul 3, 2003 10:42:03 AM)
long ES 982

nitro (Jul 3, 2003 10:42:06 AM)
WOW

...

nitro (Jul 3, 2003 10:42:20 AM)
I cannot trades Qs?

Yannis (Jul 3, 2003 10:42:27 AM)
out b/e slipped away :(

ntrend (Jul 3, 2003 10:42:30 AM)
wow

...

nitro (Jul 3, 2003 10:42:37 AM)
I try to hit the offer and nothing happens?

...

Backwardation (Jul 3, 2003 10:42:39 AM)
Nitro was that you stuffing the offer with size?

nitro (Jul 3, 2003 10:42:40 AM)
:mad:

nitro (Jul 3, 2003 10:42:47 AM)
WOIW

...

nitro (Jul 3, 2003 10:42:52 AM)
HOLY SHIT

Kicking (Jul 3, 2003 10:43:01 AM)
what the hell is goin ion?

...

StockApprentice (Jul 3, 2003 10:43:50 AM)
YM was traded all the way down to 8600!!

jmis (Jul 3, 2003 10:43:52 AM)
what was THAT?

...

FRuiTY PeBBLe (Jul 3, 2003 10:44:13 AM)
it's probably one of those..someone hit the wrong button type things

...

triple_j (Jul 3, 2003 10:44:37 AM)
i just bought one YM at 8852 and sold at 9000

nitro (Jul 3, 2003 10:44:38 AM)
WTG!

...

nitro (Jul 3, 2003 10:45:11 AM)
this is enough to give a man an ulcer

dafa (Jul 3, 2003 10:45:13 AM)
I bot YM 8783

...

Yannis (Jul 3, 2003 10:45:29 AM)
any ideas why this happened?

triple_j (Jul 3, 2003 10:45:30 AM)
i thought we go tnuked

triple_j (Jul 3, 2003 10:45:34 AM)
nuked

...

nitro (Jul 3, 2003 10:45:45 AM)
I tried to get long Qs and I could not lift the offer no matter what I did

nitro (Jul 3, 2003 10:45:48 AM)
:mad:
===================

nitro
 
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