The market opens at 0630 on the left coast so I get up about 0600. I wait for the markets to open at 0630 before I take notice of the market. What does the pit open refer to?
It's the overpriced starbucks like coffee and confectionery establishment on the chicago mercantile exchange that keeps the traders supplied with caffeinated drinks and sugar. Of course the real Pro's, use natures stimulant(coke the Real thing) in the adjacent well furnished executive lavatory .
You're not serious. The real pit open is actually a buying or selling Non-held order (indicated by raising arms and exposing the armpit - or "pit") to be fair, it can be used at both the coffee stand and to get coke by the loo
Pit open happens at various times, it depends upon who your broker is. Pit open refers to that time, about 3 seconds into the phone call or email, when one finally has to face the reality of a margin call.