Whoa Baby! What happened?

The big contract spiked as well, just not the extra hundred points. This whole situation is a mess. I give CME credit for making a quick decision, but a lot of people will be treated unfairly as a result.
 
Do you really think this manipulation can be simply voided by busting all fills above 86000? I cannot believe a real trader believe in this crap. IT IS THEIR FAULT. They need to compensate the damages. All futures, stocks, options, and whatever transaction. You lost because of them. Even for futures there are tens of points gap. Do not let them walk away this time!

:p
 
Quote from Lobster:



That's true if ESH3 was his only position, but if he had other contracts or stocks in his account, they might have been liquidated because of the huge (albeit temporary) drop in account equity. Let's say I have an IB universal account with 20 different long stock positions and short ESH3 as a hedge. The spike would have caused the ESH3 to be liquidated at a loss of say $4000 per contract, way more than maintenance margin. Now my equity is suddenly negative or way too low to meet the stock margin requirement. The broker will sell all my stocks (after hours!) and leave me with an additional huge loss there.
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That is a good point. I didn't even think about that. Universal account could be a little dangerous in that situatuion.:eek:
 
Quote from McCloud:

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

:cool:
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So true. I since I began automatically placing physical stops, my P&L is instantly better and on an afternoon like today, it might have been a career saver.
 
Dow Futures spiked up above 8050 also! Haven't heard about any of those trades being broken. Just another way for the CME to stick it to the CBOT.
 
Personally i was not in the market during this particular spike fiasco. however , i have been on the wrong side of CME NONSense BEFORE and in my opinionif enough of us mid size retail futures traders took our business away from the emini and started trading the CBOT dow futures this crap might stop. BUT it will require a bunch of us to mutiny. Unless we reduce emini volume by 100,000 contracts a day probably nothing will happen. ANYWAY, as soon as the spread on the dow futures gets as small as emini ES i am gonna switch.
 
I closed all my positions late in the afternoon, but as i was doing some end of the day charting, i heard Ben Litchenstein yelling thru the squawk quotes, saying: "Holy shit, what da heck is that?"
"Did you see that Steve? Did you see that?" then it happened ............

I thought Saddam died.......:p
 
Boy were my dreams smashed from this!!

For once I thought I was on the right side of one of these situations and was happy to get the extremely high fill when I exited my long position.

In fact, I was so happy, I cancelled my stop (why not - I got a confirmed fill).

Then the broker calls (About 45 minutes AFTER market closes) (I sort of anticipated this - that they would tell me I got filled but not at 904.75 as my confirmation stated). Well the news wasn't even that good.

By now you all know that I was left out there without a stop in place and the market had closed (thank goodness I was only trading a 1-lot on this trade).

If I had known that my fill would not be honored then I could have exited at some reasonable point (I think it was about 850ish that things settled back to).

Now I am letting this one contract run overnight, just tightened up the stop to break-even and see what happens the next few hours. Normally I would have just dumped it at the market but right now there really is nothing to lose - the CME already took it away.

I'm sure if I were the one to screw up, I would be expected to take the hit.

If they want to do something deemed as fair (as my broker tried to tell me this solution met that) - I say honor the fills as reported.

Otherwise, if the arbitrary level of 860.00 is picked, then let us all out at that point.

My two cents (actually more like one cent, I can't afford to give much more than that - CME took it away).

Steve
 
Quote from larrybf:

Personally i was not in the market during this particular spike fiasco. however , i have been on the wrong side of CME NONSense BEFORE and in my opinionif enough of us mid size retail futures traders took our business away from the emini and started trading the CBOT dow futures this crap might stop. BUT it will require a bunch of us to mutiny. Unless we reduce emini volume by 100,000 contracts a day probably nothing will happen. ANYWAY, as soon as the spread on the dow futures gets as small as emini ES i am gonna switch.
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My idea, I think a lot of people are dying to start trading the dow mini, because we're all fed up with that CME-crap, not at leat their ridiculous commissions.
 
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