triggertrader, You say: ......"the order i placed was a day order and furthermore the markets were open for less than an hour that day because it was good friday. so you ask how in the hell can this happen?" Well I'll tell you "how in the hell this (can) happen?": Brokers do not like to work on Good Friday. Good Friday is a sacred day to them. You violated the sacred day and YOU got nailed to the cross. Now you know NOT to trade on Good Friday! Believe it or not. Tom
umm no you're the "tool" i have traded this market for years and have monitored the pit vs the electronic intraday. NEVER EVER has their been a 7 point spread between these 2 sessions even on the most volitile days. i know it was the unempleyment report. i had a long position and this was a long term trade. i have made money trading into the unemployment report. all i had to do was place my order thru the broker using US rather than ZB and my position would be profitable right now. you can still trade the pit. there is stability in the pit. no overnight zig zagging and glitches with computers the zb is a scam. heed my warning and stay way from it.
Ok, so you just added more ammo to the "You screwed yourself" mantra... You just admitted that ZB has overnite zig zagging, and that you dont trust the fact that there may be potential glitches with the computers. (As he scratches his head.) QUIT while your ahead.
read! i said the exchange are crooks not the broker! the broker is only the guy that converys the trade to the exchange. its the exchange that sets the movement. all my broker did was place the order. the job report had nothing to do with it. i have been trading bonds for years. i monitor the job report,cpi, ppi and all the other major news which have a strong effect on the bonds in the morning and how the pit and electrnic move you never see a 7 point spread. that's insane! how can you justify that? this is the same market rememmber what i said in my original thread. it's as if your going to the supermarket and the same loaf of bread and for one you pay a dollar and the other you pay 4 dollars. it just doesnt make any sense. this is the first time ive seen such a huge spread. even my broker agreed with me! how do you explain that? you think you know everything? well you dont. this is a total scam. open your eyes. the electrnic has a much wider range and is more choppy and as a result more stops get hit and that means more money for the exchange...caching, caching! while traders get screwed. the pit sessions are vital to these markets. they provide trading ranges and points of support and resistance. without them there is no basis on where to forecase the market. how can you base a decision on a session which has no stability, no individual price bars, a market that is open 24 hours a day?? there is no open there is no high and there is no close. it's a racket. the only good news is i only had one contract on and the loss wasnt that bad. i'm glad it happened now and it could have been worse had i had more lots on. i learned my lesson. never ever again will i trade these electrnic scam interest rate sessions. it will be pit session only from now on and i suggest you dont trade them either unless they fix the glitches and greed. and when i say fix i mean they reimburse you for losses occured by these computers without brains being accountable for rediculous spreads.
I think you're missing the fact that the two markets are independent. The trades that occur electronically occur with a completely different set of people than the pit trades. They have a different bid/ask, a different volume, a different last price. In other words, if no one is interested in arbing between the pit and the screen, the two would float completely separately. The exchange does *not* keep the pit and electronic sessions synced. That's up to the people trading. In short, someone pounded the electronic bond session to the point buying interest dried up for an extra 7 points. This has nothing to do with the pit. The only reason they resynchronized was because someone took the risk-free arb and went long electronic, short pit bonds. The contracts are fungible, not identical.
How would the exchange profit from this? I trade emini's and I thought FIFO was just trader vs. trader. Do the exchanges (CBOT, CME, etc.) trade against you somehow?
trading into a NFP number in the bonds is a risky proposition anyhow. The CBOT is not responsible because you failed to know what events could move a market(s) against you or in your favor. As previous posters have stated, prices are different between pit and screen (obviously, the sky is blue, unless you're in LA) next time, do your homework and stop calling my hometown exchange a bunch of crooks. EDIT: I've used TT before when the bonds jumped 2-3 handles on a NFP number.... Nothing, and I mean nada is going to prevent that from flying. Hell, half of the systems here in NY can even keep up with a move of that magnitude.