The ECBOT was down today from about 11:15 to 12:10 PST. Of course, the Dow did a 180 the moment the exchange went down and started squeezing those short the YM, with no way for them to get out of their positions. This reminded me of May 2003 when the globex went down and I was short the ES. Similar thing happened, the trend reversed and the PIT started squeezing the mini traders. I quickly went long some YM to hedge my ES position and came out ok. This YM, ES hedge works reasonable well if either the ECBOT or Globex go down. Not a perfect correlation, but close enough to avert any major damage. This method will of course no longer be available later this year when the CBOT and CME merge and the YM starts trading on Globex. Today I was trading ER2 when the ECBOT went down and was thinking how would I hedge this position if the Globex went down? If I'm already in a (large) position, I'm not going to have the margin to buy/short ETFs, so this is not a possibility. Index options from the CBOE seems like it may be a possibility, but which contract, strike, etc ? So my question to index future traders out there is how would you hedge/protect your position when the Globex goes down? Or would you just "let it ride" and hope for the best. :eek: Does anyone have any real-life stories related to this they'd like to share?