TOS has suspended intraday margins.
TOS has ES at 13200 and CL at 10000.
I'm stuck trying to trade the July contract. If June goes to 0 or negative, wonder how low the July will go?
Reports on other sites indicate TOS has set CL to close only today. Not letting people open new CL positions. Assholes.
TOS calls it /CLM20
Anyone able to open a new position in June CL with thinkorswim right now? They are fucking me over thinking that CLM20 is not the active contract.
shit TOS is confused, rejecting my trade with an error about needing to use the active contract but I'm trying to trade CLM20
seeing strangeness with CL bid price equaling ask price now.
Guess it's true that front month will always match spot price at expiration. May CL contract has rallied back to almost spot price now.
This is not surprising. It is reminding me of the Lehman Brothers crash down to zero. It had serious short squeezes along the way.
Cool, is he still live streaming? We can all fade his trades. :D
You'll lose money because of the contango.
Means a lot more pain ahead for people who think they're buying oil at the bottom.
On May 5th the June contract will be in a world of hurt as USO starts selling it to buy July.
Seems like still lots of people going long oil via USO from what i see on other sites.
I don't think crude has limit downs. If it did, it surely would have hit it that day a month ago when it dropped from 40 to 27.
This is why I'm putting a limit order to cover June at 0.01. There's no telling what will happen if you cover in the negatives. The system might...
TOS told me they forced everyone to close today as CL was approaching 0 because they had no idea what would happen with negative prices.
Sounds like we should be shorting June then. Could go towards 0 over the next month.
I asked TOS and they said if you already held a position they would allow you to hold to the day of expiration but would prefer you close out 1-2...
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