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Michael,
It seems like it would sure be simpler without it (overnight trading of the
S&P), but that may not be the case. Because of the increasingly
interdependent global economies, maybe it is really good to have a release
valve of overnight trading in the S&P so that it can react relatively
smoothly to the other markets being traded while we are asleep, like the
DAX, etc.
If not, there may be reactionary explosions at the start of the day
session., which would be as bad or worse than the "gap" openings we see now.
As I have said before, I don't consider gap opens really as gaps, since most
of those gaps are just smooth price movement in the night session. That is
why I look at SP8U, not DSP8U.
Neil
| -----Original Message-----
| From: MICHAEL STEWART [mailto:MPST@xxxxxxxxxxxxx]
| Sent: Monday, June 29, 1998 12:46 PM
| To: Omega
| Subject: Globex S&P
|
|
|
| For those of you who daytrade the S&P have you ever thought
| what the day
| session might be like without a Globex S&P contract? How
| do you feel when
| overnight 20-30% of your weekly trading range just disappears?
|
| Can anyone justify a 2500 point move on volume of less than
| 300 contracts -
| wouldn't the day session be more transparent without Globex?
|
| Wouldn't you feel more willing to hold positions o/night?
|
| How can the CME justify the futures on the S&P being open
| when the cash is
| closed? Currencies, interest rates yes but equities no?
|
| I believe that the Globex session for the S&P puts the
| private trader at a
| distinct disadvantage - what do you think?
|
| (apologies to those who only trade gaps!)
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