Es U8

Discussion in 'Index Futures' started by PohPoh, Sep 19, 2008.

  1. Is the contract done?
    What about the options?
    Option expire today, but at what price in the futures? At lock limit 1263???
    Why are the offers on the OOM calls so much higher than the market can go?
    Are there some provisions a la 1998 LTCM?

  2. Done. Sept Futures closed on the 8:30 open.

    SET price is 1279.31

    A real MF for anyone caught short calls.
  3. Pabst -

    I had 1260-1290 call spreads...
    And I sold the 1260 calls for 11.50 this AM..
    and left the 1290's short...

    Am I good?
  4. You're GOLDEN! Nice job! SET in SP is 1279.31. Actually you woulda been "filled" at 19 on the 60's if you stayed with them but you did the right thing. That SET price is so friggin' arbitrary it coulda been anywhere.
  5. PHEW...
    thanks homie
    Never seen anything like this...
    what a trade that was...

    I was long 9 1290's outright...
    and market started rolling lower
    so I reversed into a 1260-1290 spread at 18 ticks

    1260's trading at 0.5 ticks yesterday...
    out at 11.50

    With my kitching around (sold minis/bought minis/covered 1290's twice before rebuying) i ALMOST broke even on the trade, but i'll take it considering it was almost an worthless expiration...

    What a fuckin disaster
  6. kotika


    The SET is the price you would get if you make a market-on-open order in each S&P500 stock. It should be close to what the futures are doing around that time. Take a look at the december futures, they spiked to around 1290, but mostly spent the first few minutes after the open at 1280. So, there you go...

    If you want a cause-and-effect explanation, this all happened because there was an opening imbalance in many stocks, with huge market orders to buy flooding the place - at that point it must have been clear that most stocks would make their high of the day at the open.

    By the way, is there any way to obtain the official SET value soon after the open? I mean short of getting a Bloomie?
  8. kotika


    I did look at that page, around 10:30 am EST, but it was still not posted.