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Hum,
Let's see. Where to begin?? First, I think it is safe to say that there
were people at the CME that "knew" this day was coming, ES that is. There
was propbably a debate about it and the marketing types won out over the
worry about customers types. They were probably worried about a stop run
like this happening overnight, however, not in broad daylight. It was bound
to happen when you have an electionic stop loss order system on a fairly
thin contract. Just add a little gasoline and a match...
What will be interesting to see is if it brings out the lawyers...the big
guys at the CME set up this little contract for the little guys to trade
with, and oops, they fill their stops 50 pts higher than the real mkt...
Time will tell.
The other one that I love is when I get the e-mail from my broker that says
CUBS is down, cancel all your stops, only market orders are recommended.
Oh, my impression has been that the ES always leads the SP -- it's a
technology thing - the reporters are out of the loop with e-trading so there
is one less step on the ES
regards,
NCC
-----Original Message-----
From: Hinton Clabaugh <clabaugh@xxxxxxxxx>
To: omega-list@xxxxxxxxxx <omega-list@xxxxxxxxxx>
Date: Thursday, October 15, 1998 7:46 PM
Subject: Re: E-Mini Quotes Lead S&P
>I wasn't watching DJ, and found Tim's comments quite interesting.
>
>I watch the bid/ask and bid size/ask size in a quote window (these are
>column headings you can choose).
>
>Please correct me if I'm wrong, but bid/ask and bid size/ask size are, I
>believe, being dropped for equty and index options, not futures.
>
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