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If I can believe what I hear on the live squawk broadcast, locals often
control the auction. One factor is that there are 70 some globex terminals
around the pit, and half or more of the daily volume originates there.
Also, soon, I think on the third of May, the size limits on the mini SP will
be lifted; orders larger than 250 cars will be broken into 250 lot sizes.
Don't know what effect this will have on the market, but I wonder if the
spread will widen to resemble the NQ spread. And I wonder if the large size
orders will make fills better or worse for small lot traders.
And finally, did anyone notice the live volume data coming through on the
open? This was showing the size of the trades at the different levels, if
you could subtract fast enough. Then the data froze. More's the pity. We are
paying for it, I think we should get it.
Michael: wl7bdn@xxxxxxxxxxxxx
----- Original Message -----
From: "Randall Kurzon" <rkurzon@xxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Monday, April 30, 2001 14:03
Subject: Re: [RT] E*Mini S&P update
> 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:
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> >
> >
> >
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http://docs.yahoo.com/info/terms/
> >
> >
>
>
> To unsubscribe from this group, send an email to:
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>
>
>
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>
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