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<DIV>Maybe virtually no one leaves the floor, but the trading rate in terms of
millions of shares per minute definitely dips to about 1.5 million shares per
minute over the mid day after starting the day around 4 million and ending
between 3.5 and 4 million. They may not leave the floor,
but someone's trading is concentrated in the early AM and late PM.
Some trading decisions are being made in those early and late hours that affect
volume.</DIV>
<DIV> </DIV>
<DIV>BobR</DIV>
<BLOCKQUOTE
style="BORDER-LEFT: #000000 2px solid; MARGIN-LEFT: 5px; MARGIN-RIGHT: 0px; PADDING-LEFT: 5px; PADDING-RIGHT: 0px">
<DIV style="FONT: 10pt arial">----- Original Message ----- </DIV>
<DIV
style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black"><B>From:</B>
The DOCTOR
</DIV>
<DIV style="FONT: 10pt arial"><B>To:</B> <A
href="mailto:realtraders@xxxxxxxxxxxxxxx";
title=realtraders@xxxxxxxxxxxxxxx>realtraders@xxxxxxxxxxxxxxx</A> </DIV>
<DIV style="FONT: 10pt arial"><B>Sent:</B> Monday, June 19, 2000 8:58 AM</DIV>
<DIV style="FONT: 10pt arial"><B>Subject:</B> [RT] [Fwd: GEN: Floor Trading
Activity]</DIV>
<DIV><BR></DIV>
<P>The DOCTOR wrote:
<BLOCKQUOTE TYPE="CITE">None of this is true. Virtually no one leaves
the floor for lunch ... and those <BR>that do are not the senior
traders. Upstairs trading desks and hedge funds <BR>either get lunch
at their desks. Many of the best trading firms have kitchens in <BR>house
just to assure no one leaves. If you stood in front of the CBOE, NYSE
or <BR>CME at lunchtime you would see more people on the street than at
other times, <BR>but they are no decision makers.
<P>Ross Kovacs wrote:
<P>> This comment/question was triggered by the previous "Market Outlook"
thread <BR>> shown below: <BR>> <BR>> I had always attributed
market movements around 11:30 am EST time to floor <BR>> traders trying
to put some balance in their positions before they take a <BR>> lunch
break. I've never worked on the floor of an exchange, so I would
<BR>> appreciate seeing any comments from RTs that have worked on
exchanges. <BR>> Assuming floor traders must obey natural human needs
(eat sometime during <BR>> the day, go to the restroom, etc.), what
impact do these activities have on <BR>> market movements? I can
obviously see volume thinning during mid-day, and <BR>> have usually
discounted price moves that occur during lunch periods. Are <BR>>
their other things that an off-floor trader should be aware during lunch
<BR>> periods? The "11:30 am EST time when most European markets
close and their <BR>> participation in our day session is ended" effect
is a separate event I was <BR>> not aware of. Any other "off-floor"
events at this time that can affect <BR>> market movements? <BR>>
<BR>> If you are a trader in an open outcry market, how do you
reestablish your <BR>> physical position in a trading pit or at a trading
post when you've had to <BR>> give in to the demands your body makes
during the day? <BR>> <BR>> Ross Kovacs <BR>> <BR>>
rossrk@xxxxxxxxxxxxxx <BR>> <BR>> In a message dated 6/17/00 9:00:25
PM Pacific Daylight Time, <BR>> wl7bdn@xxxxxxxxxxxxx writes: <BR>>
<BR>> << There is a six to eight dollar move around that time
almost exactly EVERY <BR>> DAY. In fact a 6 pt move is one of the
highest probability and most common <BR>> moves in the contract.
Irrespective of the tide tables. <BR>> >> <BR>>
<BR>> Michael,...Thanks for stating the obvious regarding Norman's
"Market <BR>> Outlook". Also intraday pivot often
occurs around the 11:30 am EST time <BR>> when most European markets
close and their participation in our day session <BR>> is ended.
Not a big deal. There is much that could be discussed here about <BR>>
intraday turning points,..etc., but I think Earl was looking for
the <BR>> Market <BR>> Outlook of others,...meaning what to expect
over the next days and <BR>> weeks..etc. Thanks again. Regards, JIM
P.</P></BLOCKQUOTE></BLOCKQUOTE></BODY></HTML>
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