I started out in Futures: I think it was invaluable training. At the Merc, at the time the hot markets were foreign currency futures, Live Cattle, and Pork Bellies. Over a couple of years I watched the action move towards Gold Futures: Later things moved towards S&P futures and Euros .... The lesson was that each market was "hot" and then was "not". The people that made money went where the trading opportunities were: they didn't ride a contract down until it was a trickle of volume / liquidity.... All of this (particularly working through the gold bubble) made it a no-brainer to recognize that the equities markets were in a bubble phase and to be cautious with managing my equities position trading...
Yes, Interest rates were big for several years.... Could have mentioned this as well ... However my recollection is that the amount of open interest in the S&P and Euros pretty much swamped the numbers in the Bills during their heyday ....
I worked in the TB pit from 83 ish to 84 ish. At that time the SP500 pit was not yet open. The TB pit (and the Eurodollar put across from it) was where all the action was in those days with interest rates between 13 and 18%. I saw the spoo pit open (late 84 ish 85 ?), walked over there during my break. From the very beginning the pit was a success. nitro
I beleive I was in the S&P pit the first day it opened - it was always a big deal to be there at the beginning of a contract along with the VIPs .... I also opened the IOM options, and the S&P options, as well as some other less succesful contracts.... Broilers come to mind ..... Once upon a time the Egg contracts and Mexican Peso contracts also had some open interest ....
Yes I think so... Did quite a bit of size as I recall ... I dont remember whether he was a local etc. ... Hmm .... On further reflection ... Wasn't he the crazy guy that wore his tie backwards ... If I remember him correctly he was quite a character .... and did far too much partying ... I stayed pretty much out of that crowd ... Names I remember: Scott Gordan and Ira Harris, and the group from CRT ....