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Most of my local friends trade from upstairs and no longer scalp. I don't
think it is the same as before. Plus, look at how illiquid the large S&P
contract is compared to the mini S&P contract!! How would you like to be
trying to scalp large S&P or large ND contracts while the E*Minis run
around you in circles?
For anyone that is interested, I worked a profit order at 1248 1/4. Some
kind soul gave me a partial fill there and when price began to bounce, I
went to the market at paid 1249 1/4 for the balance of the position. The
1248 area was the test of the up sloping Median Line; hence my interest in
being flat as we approached it.
Best,
Tim Morge
At 03:03 PM 4/30/01 -0400, you wrote:
>I would like to know if considering the large number of traders and firms
>now trading electronically if you, Earl & Tim, believe it is still possible
>(other opinions welcome too!!) for the locals to move the market? I should
>think it would be nearly impossible for them to have a major effect nowadays
>like they were able to in the past. Comments?
>
>Regards, Randall
>
>
>----- Original Message -----
>From: "Timothy Morge" <tmorge@xxxxxxxxxxxxxxx>
>To: <realtraders@xxxxxxxxxxxxxxx>
>Sent: Monday, April 30, 2001 14:49
>Subject: Re: [RT] E*Mini S&P update
>
>
> > Earl:
> >
> > Well...I'd like to lie and say it didn't bother me. But having missed the
> > move up Friday-early today, I am willing to risk the 5 pts to new highs. I
> > liked that it tested the 1270 area several times before lunch and could
>not
> > break through...leaving that cluster of lows.
> >
> > It's 1;48 cst and S&Ps are at 1255. I am still short and I've moved my
>stop
> > down to 1263, which is a touch above the overnight gap. If further new
>lows
> > occur, I'll keep ratcheting my profit stops lower.
> >
> > Tim
> >
> >
> > At 12:41 PM 4/30/01 -0600, you wrote:
> > >Tim, Good trade. I note that break occurred at 1240 Chicago - aren't you
> > >leery of entering breakouts which occur during the thinly traded lunch
> > >period? The locals seem to pretty consistently drive the premium one way
>or
> > >the other around 12:30 which more often than not results in a false move.
> > >
> > >Earl
> > >
> > >----- Original Message -----
> > >From: "Timothy Morge" <tmorge@xxxxxxxxxxxxxxx>
> > >To: <realtraders@xxxxxxxxxxxxxxx>
> > >Sent: Monday, April 30, 2001 12:11 PM
> > >Subject: [RT] E*Mini S&P update
> > >
> > >
> > > > Good afternoon, RealTraders!
> > > >
> > > > With the strength both the Nasdaq and S&Ps were showing on the
>opening, I
> > > > remained flat--I was leery of this upmove and was not bullish.
>Obviously,
> > > > they have both shown more strength than I thought they would this
>morning.
> > > >
> > > > But once prices tested 1275 in the S&Ps, I began running a stop sell
>entry
> > > > at 1269 1/2. I am now short at 1269 1/2 with stops at 1275 3/4 and
>first
> > > > logical target at 1262 1/2, second LPO at 1260.
> > > >
> > > > Best,
> > > >
> > > > Tim Morge
> > >
> > >
> > >To unsubscribe from this group, send an email to:
> > >realtraders-unsubscribe@xxxxxxxxxxxxxxx
> > >
> > >
> > >
> > >Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
> >
> >
> > To unsubscribe from this group, send an email to:
> > realtraders-unsubscribe@xxxxxxxxxxxxxxx
> >
> >
> >
> > Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
> >
> >
>
>
>To unsubscribe from this group, send an email to:
>realtraders-unsubscribe@xxxxxxxxxxxxxxx
>
>
>
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