Dear fellows: Does anyone have pictures of trading floors? I am particularly interested in a picture of the agricultural CBOT trading floor. If you have, would you please share the link to the picture(s)? I've got one of the CME. Here goes the link: http://www.slipkafutures.com/images/fullfloor.jpg Regards, Negotiator
took a photo without flash of one of the grain pits from the visitors gallery ... it is like the photo you posted the link too only much , much less people in a much , much smaller pit or ring to trade grains in
worked on cbot....you wouldn't know one pit at one exchange from another. they have some grains in display cases behing glass. other than that, you wouldn't know what they were trading other than the signs on the posting boards. the CBOE is actually part of the CBOT. I seldom crossed over to the BOT....the action for me was in the options pits. There is a skywalk that connects the two over the street that seperates them (Van Buren). It;s a nice quiet place to stand and watch the traffic below. A pit is a pit is a pit.
My old boss accepting a $5000 christmas cash present from a filling broker...Then squeezing him for buls tix(when jordn was there) with a limo and dinner. Then 2 months later, the boss has to fire him because HIS boss is getting a kickback from someone else......... Picture the filling broker and his clerks looking at the first boss day in day out after he gets fired for nothing....can you see it?
What to do now? Well after you read what the technical condition of the stock market below I donât think the short side here is the prudent side anymore. We are at the extremes of oversold. If the market for some reason gaps down Monday morning Iâm a buyer of the futures. I will use a stop at the 30 minute lows after the opening bell. The Bond market is getting near the end of its counter trend move. The big picture is pressure on the dollar and inflation and that does not speak well for the bonds. The open interest contracted this past week in the Bonds and that is another sign of an end of a move. The sentiment in this market is now 70% bulls also. Treasury Bond Futures The numbers are the price, sentiment from market vane, open interest and the put/call ratio on the Treasury bond futures. 99.781 42 492,006 0.76 98.125 42 460,614 1.25 98.156 43 438,830 1.62 100.594 41 450946 1.35 100.969 48 461,467 1.42 100.563 51 472,124 1.21 102.219 55 473,763 0.78 102.719 61 492,627 0.75 102.063 62 481,732 0.82 100.187 53 463,253 1.34 101.531 58 471,330 0.63 101.125 58 475,112 0.76 100.625 62 477,844 1.57 103.875 63 459,303 1.00 104.125 70 446,459 0.57 With the price at 104.125 on the treasury Bond futures open interest is now 446,459 with a reading of 70% bulls. The put call ratio has fallen to a bearish level at .56 which means to mean the move higher in the Treasury Bonds from here has very little room. Now if we get a spike in the next week lower in stocks the bonds will spike higher which would be the ideal place to short. The stock market is pretty much hated by the world here and now has a reason to rally but remember the market looks 6 months ahead and in 2003 January technology maybe ready to start coming back. So are we near a tradable low? Yes I think so. The bottom line is that as an investor Iâm not excited by any groups other than Energy and Gold. As a trader I think we are due a bounce and buying weakness here is what I have in mind. Stock Market This past week was very interesting we had a very nice rally in the first two days of the week and being long futures over the weekend was a very nice play. The market failed on Tuesday at the 1045.50 area in the S&P futures. NASDQ futures got high as 1176 on Tuesday and set the high for the week. As I write the weekend edition week to week Iâm just looking for the set up of the next week and I think we are very close to putting in a trading range bottom. I thought we had it last week but the numbers were still not bearish enough in the sentiment readings. Looks like 1075 will be the top side of the S&P futures and we are still looking for the bottom. The numbers are getting to extreme oversold levels and sentiment is getting to the point of hating the market as evidenced by the TRIN, put call numbers and sentiment readings. The open interest in the futures is has gone thru a giant expansion in the past two weeks and is the big puzzle to the picture. The open interest contracted by over 20% in the S&P futures on Fridayâs decline. The open interest in the NASDQ futures has fallen by 30,000 contracts over the last 2 weeks another sign the down side momentum is near an end. To me this is the first clean clue in the last 2 months of the momentum stopping on the down side. We are now down 22 weeks since the January top and this is getting the end of that particular cycle. The U.S. dollar has been heading lower all year and has the trade deficit to continue to widen. The problem here is the bond market will start acting in front of the Federal Reserve by driving rates higher to protect the dollar because that is the only way to defend the currency at this point. That becomes the tricky part of the equation now for equities. How will the Stock market take a rise in interest rates from these levels and where does it become more attract to own bonds over stocks. Rates will have to go up quite a bit I believe for that to happen and how much of a rate rise can the economy take at this point. The Federal Reserve will raise rates long after the Bond market has gone lower in price. So the bottom line is that stocks have no reason to move higher and we are stuck in the continue decline in technology stocks and the possible continued rising in inflation sensitive issues. The outlook is not good as inflation is in the economy and technology spending continues stagnant. It could be a very long summer but we are close to a place were we can bounce. MARKET EXTREMES The stock market has not decline 3 years in a row since 1939-1941. I have said many times that the market acts like the 1929-1932 period in the stock market which was another 3 year decline. The NASDAQ chart at the bottom looks very much like these periods. Open Interest 51,337 NASDQ FUTURES 6-21-02 86,801 6-14-02 534,051 S&P FUTURES 6-21-02 606,579 6-14/02 There is the first clue there was no expansion in the down move. There was a contraction in the S&P open interest and NASDQ open interest that is the first indication of a bottom. 29-Apr-02 517,074 28 2.10 1072.00 6-May-02 535,044 24 1.20 1073.00 13-May-02 534,399 20 1.35 1054.10 20-May-02 538,744 27 1.12 1105.20 27-May-02 549,435 25 1.46 1082.50 3-Jun-02 563,281 23 1.50 1067.50 10-Jun-02 569,458 19 1.55 1028.30 17-Jun-02 606,579 20 1.76 1009.10 24-Jun-02 534,051 26 2.36 992.00 The red numbers are the Market Vane sentiment reading over the last 9 weeks as you can see there is now a bullish divergence in the sentiment reading on the S&P futures. 53,590 1252.000 4/29/2002 57,763 1197.500 5/6/2002 60,622 1189.000 5/13/2002 67,266 1326.000 5/20/2002 71,489 1257.500 5/27/2002 69,324 1209.500 6/3/2002 70,033 1137.500 6/10/2002 86,801 1111.500 6/17/2002 51,337 1041.500 6/24/2002 The numbers above are the numbers for the NASDQ futures and as you can see the open interest contracted by over 35,000 contract into the down move that means short have covered and down side pressure is stopping. The CBOE equity put/call ratio on the 10 day moving average is now .98. As you can see in the chart above the September 2001 bottom is the last time this ratio was this high. TRIN (Arms Index) The TRIN indicator on the NASDQ and NYSE stock markets are at levels higher than the September 2001 lows. The put call ratios that have been generated over the past week are now as high as the September 2001 lows. We may have to get killed Monday but we are getting closer. A big down move here quick and fast would be a wonderful thing.
Fellows: Does anyone around happen to work in the CBOT beans pit? Or does anyone happen to know brokers who do? Thanks. Negotiator
used to take orders into the bean pits but i have forgotten any of the names i once knew. Matt Suhey, former Bear's and Penn st fullback was a local in the Bean Oil pit.