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THE DOCTOR wrote:
>
> It's simple....I'd get the facts.
>
> All you have to do is look at the time and sales and look at where the
> volume occurs...what strikes and what expirations and "Ray Charles"
> could figure it out.
>
> There is always an amazing amount of "conspiracy" theory about the
> markets....In my experience over 9 out of 10 times things of this nature
> are pretty easy to explain.
>
> Generally people don't research their facts(all you had to do was go to
> the website and get time and sales)they simply repeat some assumed
> "conspiracy" theory..as you did.....draw a conclusion not based on facts
> and broadcast it as common practice.
>
> Regrettably, in my experience, some of the worst sources of trading
> information are former floor people.
>
> At CBOE we have a new member class which accompanies a qualification
> test prior to going to or returning to the trading floor. An amazing
> stat. is that the highest fail rate for the test is among former flor
> people who look to return and "don't need" to review the materials.
>
> In my experience probably the greatest source of misinformation about
> derivatives is the stuff "broadcast" by former floor people. I have
> never met a former....NEVER.....a former floor person who has told the
> whole truth about why they left trading. I do more derivative education
> and travel than anyone else alive....200 seminars a year. I WAS a
> former charter member of the IMM(do you believe what has happened to CME
> seat prices?)and I am yet to meet anyone who has represented the
> truth..whole truth..and nothing but the truth about their former floor
> knowledge, experience and success or failure.
>
> Good luck
Boy, is this really worth your time. You are really continuing to
overreact here. You berate me in a personal e-mail and now you do it
some more on the RT. Wow... all for giving my opinion. But then it
sounds as if you are an ex floor person and are not to be trusted :)
I don't know where the conspiracy theory reference comes from, but time
and sales really tell you nothing about who traded and why, which was
the original point. Are you saying that the new heavily promoted
product pits don't dwindle in population and volume immediately after
launch? The fact that they do is not necessarily a bad reflection on
the product or the exchange, it is just reality.
By the way, I never characterized why I left the floor (I said a very
small reason was the fact that you find yourself breaking rules to
compete for volume) and I have not held myself out as an expert. So I
don't know why you are going off on me. I simply stated my experience.
I and others have done this exact thing in new pits at the Board and
have seen it a dozen times. If you believe I am lying, so be it, but I
have no agenda here. Do you?
By the way, anyone who had "done their research" would know why CME
seats have plummeted. As you know, in 1994, there was talk of a one
time dividend of the CME's reserve ($100M) going to the members.
Traders being traders, they bought the rumor.... and then it didn't
happen. Of course other factors were involved also.
Hopefully this can end this unproductive thread.
Eric
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