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I'm not sure the quotes you were seeing were indicative of the price action. Did
you also watch the Dec DJ contract? Because many or most of the access was down
for globex, people were caught in a short squeeze and had to pay up on the DJ
contract, and the few who might have had access on Globex found there were no
offers. The DJ contract was up over 600 pts at one point. Obviously, there were
lots of people trying to cover shorts in a market that was crippled, once again,
by immature electronic trading.
Best,
Tim Morge
Hinton Clabaugh wrote:
>
> Right after the discount rate cut, the BMI cable E-Mini quotes were 10+
> handles ahead of the big S&P. I've also been finding that watching the
> E-Mini bid/ask and bid size/ask size gives a more timely quote than SP8Z
> under normal conditions.
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