i just did the .025's, not going to squabble over a half penny when the long run can pay me so much. Not sure anyway that we get down to 7.05, just know that cash will not be that well bid in the morning as the temps for tuesday are not all that cold yet. I hope we do trade down a few however. Post an offer near the full size bid on your 2 minis, an arb guy should get you without you giving up the b/a on the mini. Last I checked, they don't cross margin them so it will double your margin.
The bid moved up and some arb guy did indeed take out my miNY's, thanks for the tip Comanche. I think they have changed the cross margin rules for QG/NG because I have done the above strategy once before when I was long a full size contract and had taken a bit of a loss and needed to reduce my maintenance margin requirement, but didn't want to part with the whole NG contract (went short 1 QG contract). I'm curious where they publish the SPAN margin rules for NYMEX, I can't find it on the website. Any ideas Comanche?
The NYMEX is listing new derivatives and rules at such a fast pace now, it is hard to keep up with the rules. I have not searched for the latest. BTW, since you live so close to the exchange, if you would like, I can get you signed on to the floor with my old friends for a floor tour while open outcry still exists. Just PM me and I will get you setup.
ICE is putting some pressure on NYMEX it seems. What's your opinion of ICE? I think Interactive Brokers has to fix the latest update to their calendar spread margin rule system because each time I try to do the above calendar spread it halves my net liquidation value when calculating whether I can do the trade. I don't know what kind of hocus pocus they did in the last update but it definitely is preventing me from doing more than a couple calendar spreads. I guess I will have to go outright long again. I have a support line at $6.80 and $7 and resistance at $7.25, $7.40. $7.00 should have some good resistance? PM sent
I have to use ICE every day as they are THE cash trading platform. I don't really trade their OTC as much as I do NYMEX futures. I do trade their numerous derivatives (basis, swing swaps, Index swaps) quite a bit and NYMEX doesn't offer that so they have a niche.
Got into the spread at $0.036! Someone was going nuts with their market orders this morning, the spread was nearly a cent and I was the best offer!
Channel trading long march/short april between 0.029 and 0.022 on some size for the half penny. Comanche, if march crude can't hold $54, think that's the end of the retracement and the start of a new downward leg?
actually think todays expiry is keeping everything contained a little at the moment. I still like crude to 55.34 minimal and maybe 57.03. due to expiry today, i sold my feb length at 53.30. waiting to buy the march
NGG7 hit your $7.050 buy target last couple ticks, bounced off $7.042. Are you still going outright in the $7.05 area? The long march/short april spread went a little sour up to $0.050, I'm sitting on it...in for the long haul. Take care, Gene
i paid 7.052 getting long feb again. the spread looks like funds defending the position to me, but if feb runs back up into settle they will puke out the new ones.