Cracked 200K today Midcap 400 did 50K too.. seems a few traders are sticking with the Merc, has identical range and tick value to the ER2
TF cracked 200k yesterday and 300k today. It's funny that er2 did 86k today (this far past rollover). Hopefully the 400 gets more volume starting friday.
TF december did 330k of which 117k was spreads for a net of 213k. The CME ER september did 150k today. Many of these people will go over to the TF next week pushing volume back to 200-300k daily. The only problem I see is ICE does not send all volume data to chart vendors timely, thus making tic and volume charts inaccurate. TF December open interest now at 297k, so once they submit the data timely it will be a good contract.
That's small potatoes next to stability, ICE goes down more often than a $20 hooker.. I'm talking from personal experience here Not trading ICE.. the hooker part
Traders have left the TFZ8. Last Thurs through this Monday looked promising, but today, it's like there was a mass exodus from this contract....and I'm talking about the December contract AFTER last Thurs rollover from September. And who can blame them? I mean, the ES is moving right now like the old ER2 contract on a great day. I have no idea what the ICE was thinking. I have no idea what the Russell owners were thinking. I only know what I see, and a simple 1 min chart of the TFZ8 today says daytraders are kissing the "new ER2" goodbye and, instead, enjoying the fantastic moves on the ES...super liquid, increased volatility, super stable Globex platform...what more could anyone ask? I'm not trolling here. I exclusively traded the ER2 since 2004. This move to ICE is a complete failure and you had better believe that there are some p'd Russell owners and some ICE officials eating humble pie right now.
<i>"Traders have left the TFZ8. Last Thurs through this Monday looked promising, but today, it's like there was a mass exodus from this contract....and I'm talking about the December contract AFTER last Thurs rollover from September. And who can blame them? I mean, the ES is moving right now like the old ER2 contract on a great day."</i> Sure... with these 10-sigma session events. What happens when ES goes back to a 14pt total intraday range? I did see where the tick charts are whack for TF today... price action made no sense on the chart in real-time using tick or volume bar settings. After the Sep ER2 expires and price action returns to some semblence of normalcy, TF will probably be 90% or more of what ER2 was. The ES won't be traversing 50pt ranges on 5mil contracts much longer.
Very true. Also, ER2 always had the best bang for the buck( (range*tick value)/initial margin). And it seems the TF has even better bang for the buck using same math.
My guess is TF Dec. open interest will be right around 500k after friday. The volume has been steady all week. Big Commercials funds have to hedge and will continue to use this contract as we can see by the growing open interest. As long as ICE does not go down and gets the data transmitted timely, this contract could be as good or better than the old ER.
It does not seem like the CME is pushing electronic trading as much anymore. Perhaps they are tied up trying to consolidate the exchanges they have acquired. They should be putting more effort into promoting an electronic contract replacement for AB. I have thought that a high beta index would be good like the old NYSE High Beta Index. Oh well, competition is good. If CME does not get its act together then they will lose future business in electronically traded contracts.
ES is a dog experiencing some nice volatility but still a dog As for ICE it can only shoot itself in the foot through downtime, traders have obviously followed the ER2.. no idea what SteveH is going on about