What is a "point"?

I'm in the process of reading Livermore's Reminiscences and he often mentions it. Back in those days prices were incremented by 1/8ths apparently. Does that have anything to do with points?

 

$1

 

A "point" is objectively relative to it's contextual unit.
I've noticed that how a point is referenced here on ET, is frequently mis-interpreted.

-kt

 

That's exactly why I've been uncertain on this.

 

Here is my definition in the context of stock index futures: the amount of movement of an index necessary to go from one whole number on the index to the next higher or lower whole number on the index.

 

"Elite" indeed!

 

He's saying 1/8th of a $, which means 12.5 cents per share, points in stocks being $1/share.