|
PureBytes Links
Trading Reference Links
|
Earl:
Well, I think it might be accurate to say that when you look at your BMI screen
and it's an active market, you get a general idea where the market in the S&Ps
are trading...but then, think of it this way...I have direct floor access to a
great broker, and when the shit hits the fan in the S&Ps, the prices change
faster than the phone clerk can execute a trade. As I said, the way the bond and
grain pits have changed for the worse makes me feel that the locals in most of
the markets are doing their best to end this era of open outcry trading.
Tim Morge
Earl Adamy wrote:
>
> Certainly would prefer to have accurate bid/ask as I used that info to
> considerable advantage for many years trading the Nyse, but I've already learned
> to daytrade futures without them. I didn't question that Howard Arrington knew
> what he was talking about when he said the bid/ask was not current. It was the
> comment "I call the floorseveral times daily and bid/ask/last is always right in
> line with my BMI price on my screen" that prompted my inquiry. I do look forward
> to the day when futures automation is at least equal to that found on the Nyse
> but I'm not holding my breadth.
>
> Earl
>
> -----Original Message-----
> From: Timothy Morge <tmorge@xxxxxxxxxxxxxxx>
> To: Manning Stoller <mstoller@xxxxxxxxxxxxx>
> Cc: Earl Adamy <eadamy@xxxxxxxxxx>; omega-list@xxxxxxxxxx
> <omega-list@xxxxxxxxxx>
> Date: Tuesday, June 09, 1998 4:05 PM
> Subject: Re: CME Bid/Ask during RTH
>
> >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
> >
|