Whoa Baby! What happened?

[Lobster]

Quote from McCloud:

Another lesson to always have physical stops in place while in a trade!

Exactly how do you conclude this?

 

[Brandonf]

Quote from sammybea:

there is no way that these trades will stand. thats about 5000 per contract in a few seconds. I smell LAWSUIT if globex doesn't do something.

Why wouldnt it stand? Every other time something like this has happened it stands. It happens a few times a year.

Brandon

 

[wally_]

Quote from Josh_B:

If the pit is gone, then, will such moves be normal daily events?

Josh

Of course not, are you kidding, who would trade then? Who would be willing to take a risk like that. It's worse than a Russian rullette.

 

[sammybea]

obviously most retail investors benefited out of this. If they were simply taking out the stops, and the market is back in line.. you just hit the lottery. The only person that really lost is the one who put that order in.... By the way, is there any confirmation from the AP that was the problem? A typo?

 

[Tech Analysis]

Quote from OVERtheLINE:

think twice before swing trading futures.....whoever bought those
is currently trying to get them busted and is pissed off at his broker

Damn right, OtL. A friend of mine does just that and was short the ES from about 910 a couple of weeks ago. Today he was up handsomely at +60 pts and now he got filled at 937 on this. Holy shit.

 

[Gordon Gekko]

:eek:

 

[josbarr]

ESH3 Trades above 86000 are busted.

 

[Lobster]

Quote from Brandonf:



Why wouldnt it stand? Every other time something like this has happened it stands. It happens a few times a year.

Brandon

I don't know how Globex handles these matters, but I know how the monkeys at ISLD deal with it: If you are an individual you can't bust a trade or get any form of answer from them. Certain organizations can bust any trade they want. I don't know the exact details about what kind of favors they have to do to the inbred decision makers at ISLD, and I don't think I want to know.

 

[Josh_B]

Quote from wally_:



Of course not, are you kidding, who would trade then? Who would be willing to take a risk like that. It's worse than a Russian rullette.

hehe

If no pit

Imagine that surprise Jan cut and no pit to dampen the move, and all the money flowing through electronic matching..

Josh

 

[qdz2]

Very true. That's why we need a union so that we can bargain to get losing trade voided. They, the special interest groups, do it all the time with they buddy exchanges and brokers.

Quote from Lobster:



I don't know how Globex handles these matters, but I know how the monkeys at ISLD deal with it: If you are an individual you can't bust a trade or get any form of answer from them. Certain organizations can bust any trade they want. I don't know the exact details about what kind of favors they have to do to the inbred decision makers at ISLD, and I don't think I want to know.