Dude, I was just looking at that- Massive! Looks to me like a serious 'fat finger error', nothing more. I wonder if the trades at ridiculous prices were busted- Probably depends on who is responsible for paying for this mess, and what kind of clout they hold at the CME.
You call <i>that</i> a spike? No, just kidding... but look at what happened 6 hours ago- That's what we're referring to. Who the hell programs order entry software that doesn't recognize & block market/marketable limit orders for tens of thousands of ES? That's like designing a car with a huge gas pedal and no brakes.
No joke - the most recent one has nothing on the overnight! I just made the comment because I assumed from the title of the thread being a "double spike" it was also referring to the most recent. Nasty games going on out there!
I read the following at another forum: GLOBEX is having problems there were massive spikes early in the morning. "GLOBEX is currently reviewing future option trades on the equity index futures which occurred earlier this morning, and in particular, trades done between 01:01 and 01:05 Chicago time which resulted in a large number of trade cancellations in the equity index futures (NQ, YM, ER, SP, ES, ND, ZD, DD, ER2, EMD). The clients affected by these cancellations have been informed directly by bulletin and the trades have been removed."
I had a trade on during that time period but was sleeping. I had a stop at 1407. As of right now, they changed it from a loss of 2 points to a gain of 7. I don't know if it will hold though.