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In the mid 80's there was an OEX broker who had suffered a stomach ailment which
resulted in surgery and his subsequent return to the floor wearing " a bag" to
dispose of waste. He never left his spot in the OEX. This was back before E
Book and all the electronics that we use today. A couple of other brokers,
envious of the financial reward there associate was getting, went to their
doctors and asked to be "hooked" up.
Today with handheld terminals you have a great deal more flexibility ..... the
handheld system at CBOE not only collects trade data (is operates via infrared)
but can also tell where the trader was when the order was placed. They can in
effect trade from the proximity of their pit. When CBOEDIRECT comes online they
will be able to trade from virtually anywhere as will users.
Ross Kovacs wrote:
> Thank you for taking the time to answer.
> I expected that a cast iron stomach would be helpful to a floor trader; I
> didn't realize that cast iron kidneys and bladders were also a requirement.
>
> Ross Kovacs
>
> rossrk@xxxxxxxxxxxxxx
>
> > -----Original Message-----
> > From: The DOCTOR [mailto:droex@xxxxxxxxxxxxx]
> > Sent: Monday, June 19, 2000 11:50 AM
> > To: rossrk@xxxxxxxxxxxxxx
> > Cc: realtraders@xxxxxxxxxxxxxxx
> > Subject: Re: [RT] GEN: Floor Trading Activity
> >
> >
> > None of this is true. Virtually no one leaves the floor for
> > lunch ... and those
> > that do are not the senior traders. Upstairs trading desks and
> > hedge funds
> > either get lunch at their desks. Many of the best trading firms
> > have kitchens in
> > house just to assure no one leaves. If you stood in front of the
> > CBOE, NYSE or
> > CME at lunchtime you would see more people on the street than at
> > other times,
> > but they are no decision makers.
> >
> > Ross Kovacs wrote:
> >
> > > This comment/question was triggered by the previous "Market
> > Outlook" thread
> > > shown below:
> > >
> > > I had always attributed market movements around 11:30 am EST
> > time to floor
> > > traders trying to put some balance in their positions before they take a
> > > lunch break. I've never worked on the floor of an exchange, so I would
> > > appreciate seeing any comments from RTs that have worked on exchanges.
> > > Assuming floor traders must obey natural human needs (eat
> > sometime during
> > > the day, go to the restroom, etc.), what impact do these
> > activities have on
> > > market movements? I can obviously see volume thinning during
> > mid-day, and
> > > have usually discounted price moves that occur during lunch
> > periods. Are
> > > their other things that an off-floor trader should be aware during lunch
> > > periods? The "11:30 am EST time when most European markets
> > close and their
> > > participation in our day session is ended" effect is a separate
> > event I was
> > > not aware of. Any other "off-floor" events at this time that can affect
> > > market movements?
> > >
> > > If you are a trader in an open outcry market, how do you
> > reestablish your
> > > physical position in a trading pit or at a trading post when
> > you've had to
> > > give in to the demands your body makes during the day?
> > >
> > > Ross Kovacs
> > >
> > > rossrk@xxxxxxxxxxxxxx
> > >
> > > In a message dated 6/17/00 9:00:25 PM Pacific Daylight Time,
> > > wl7bdn@xxxxxxxxxxxxx writes:
> > >
> > > << There is a six to eight dollar move around that time almost
> > exactly EVERY
> > > DAY. In fact a 6 pt move is one of the highest probability and
> > most common
> > > moves in the contract. Irrespective of the tide tables.
> > > >>
> > >
> > > Michael,...Thanks for stating the obvious regarding Norman's "Market
> > > Outlook". Also intraday pivot often occurs around the 11:30
> > am EST time
> > > when most European markets close and their participation in our
> > day session
> > > is ended. Not a big deal. There is much that could be
> > discussed here about
> > > intraday turning points,..etc., but I think Earl was looking for the
> > > Market
> > > Outlook of others,...meaning what to expect over the next days and
> > > weeks..etc. Thanks again. Regards, JIM P.
> >
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