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Earl:
I'm sure I'm not the only one on the list to have stood in the pits and traded
currencies or S&Ps. The truth is simply what it seems: When there is much of
anything going on, in any of the active pits, there are many things going on at
once and most of the times, there are at least two markets being traded in the
pit at once [There's nothing like watching the S&Ps or Euros in a fast market
'rotate' in a circle as the two or three markets try to 'reach' each other
physically...]. The best the pit reporters can do, for now, is try to accurately
capture the prices traded as quickly as possible. These people are nice, some
are even smart and have some sense of the markets. But really, most of them are
smiling, trying to type things, looking around, scratching their heads, and when
things get busy, they type in a few quotes and then start asking the locals on
the pit committees where the prices are at and what the highs and lows
were--I've said this before--They are most interested in pleasing the pit
committee members that are standing right in front of them. Period.
I'm fairly old fashioned and I like the open outcry trading and hand signals.
That being said, I'll sniff the last day pit trading happens, but I'll also be
trading electronically along with everyone else. It's not as charming, but it
may add a lot of things we have been waiting for for quite some time. And sadly,
many of the members have done their best to hurry the advent of electronic
trading by their attitudes to the off-floor traders. In that sense, they'll be
getting what they deserve.
Best,
Tim Morge
> Earl Adamy wrote:
>
> > >I call the floorseveral times daily and bid/ask/last is always right in line
> > with my BMI price on my screen.
> >
> > This prompts a question. I'm using Ensign with DTN and I've noted that S&P and
> > currency bid/ask from CME were identical to the CME realtime feed during Globex
> > hours and virtually useless during RTH. Since the last price seems to be
> > accurate within a second, I sent a note off to Ensign's author with some current
> > examples of useless bid/ask data for the S&P:
> >
> > Example#1: Last = 1102.00, Bid = 1101.70, Ask 1101.60
> > Example#2: Last = 1101.50, Bid = 1102.10, Ask 1101.70
> > Example#3: Last = 1101.10, Bid = 1101.20, Ask 1101.40
> >
> > He replied: "I have seen the same problem for years. In watching the raw data
> > feed from our vendors, more current bids and asks are just not sent. The
> > program is the bucket at the end of the pipe. The program cannot invent data
> > that is not sent down the pipe." Since Ensign runs under both DTN and BMI, his
> > reply suggested to me that the bid/ask issue is not feed specific.
> >
> > Anyone care to comment on this?
> >
> > Earl
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