I got royally F-ed today with Crude when I shorted CL at $62.9. Bought RB here at 2.2 I'm tired of the futures market action this week - equities, energies and forex.
The overwhelming majority of the volume in natty is executed on ICE. Ice is the playground of funds for several reasons. First, ICE is just an execution platform for OTC which is unregulated at this time. Second, OTC contracts are just financially settled swaps. They DO NOT need to be closed out before expiry as there is no physical delivery on them like NYMEX contracts. So a fund can amass a large unmanageable position and let it die off with expiry!!! Third, ICE final settlement IS the NYMEX final settlement. This creates an arb between the 2 thus allowing the guys with the most $$ to manipulate the NYMEX with size yet be unregulated!! Don't like it?? Just STFU and pay your hedge fund tax (utility bill).
CL/QM, a traders delight. Today 75 up, 150 down, 150 up (cents that is). Just play those intra-session gyrations. Your legs will buckle under the weight of all money you can carry off daily.
............................................. ........................................................................................... ........................................................ ......................HAHAHA........ ..................................HAHAHA............ ............................... ................................... ................................................................. .........HELP....................................... ........................................ .............................................WAIT................ ...................................There, hard to get off the floor. Shit man, I need to be prepared for humor like that! SEC has their own issues and is funny as well, this shit is under the CFTC jurisdiction. No SEC here!! CFTC head is ex Gold man sacks!! Ain't your administration grand!!