True! But isn't that what happens in every market on every time frame. The big guys buy when it goes down, then buy it up, then the crowd comes in buying it and then they sell it to them again. This happens on 1, 3, 5, 30, 60 minute basis as well as daily, weekly and monthly! I guess.
My sentiments exactly. Now, here's the secret that the "Big Boys" know and the other 99% Don't;....."Buy the Low and Sell the High";..."But don't buy the Low if it's selling from the High"....Or worse, Sell it from the "High" when it's buying from the "Low". Think
Hi Dave, I was not trying to pick apart your posts - my apologies if that was how it came across. I wanted to explain that the rumors on the floor and from clerks and so on and so on are usually far off what is actually happening. The only locals arbing against the minis are the smallest players that have absolutely no edge or are building accounts. The biggest locals always take positions and scalp out partials on the way up or down. One example of this would be a large local that built up shorts all the way up on FOMC day 1/3...that player lost close to $1million when it was all over. As for the Borsellino boys...Joey and Lewis are the only 2 brothers, and the only 2 in their family. Lewis was the larger trader in the 80's and early 90's. Joey became about the biggest player from '96 through 2004. Many, many other big locals have left the pit once the volatility dried up - surprisingly this began in '02 as the minis took over more and more, taking away the edge for most locals. I assume you use Ben for the squawk service...nice guy and I am glad his service works for you. My caution with him is that the majority of the time there is nothing going on and he makes it seem as if there is lots of action.
Brent, I was raised on fearing the pits and the ubiquitous "they". Joe Ross influenced my early days and he still carries on about the pit and what goes on there. I actually stood in the S&P pit during RTH in 2003 and it seemed pretty sleepy while I was there. When you tell me that makes my day! thanks for a clearer picture of what goes on there today
Don't worry. I wasn't trying to let it sound like I was telling you how it works there. I've never been there. I'm sure you know what's going on there! I was told there were three borsellino's, but it doesn't really matter actually. They're legends, that's a fact I think. It's too bad volatility in the index is low, I love the way open outcry works. And I hope the pit never closes. I wish I was able to trade there, but I heard it's hard these days. I can make a very good living out of trading NASDAQ stocks and I also love to do it. But I'd rather be in the crowd screaming. But I'll just keep doing what I'm good at and dream on about pit trading. LOL. I do use Ben for the squawkbox. But he's not squawking anymore lately. Only during lunchbreaks. It's his brother Tzvi who's doing it now. I know Ben can exaggerate a little sometimes. But I think I know when the real action is going on. I love to hear him by the way! But his brother is real good too. It's a big advantage for me sometimes. Thanks for putting some things straight! -Dave.
There are always a few prints greater than 1000 ES in the day and quite a few just a few hundreds below that. The capacity of the ES to absorb volume without flinching never ceases to amaze. I would think though that with so many people trawling over time and sales reports, any system that trades in such size would leave undesirable track marks. However it is trivial to break up the order into smaller sizes without much loss of queue position, so I think prints over 1000 ES might reflect a lack of interest in camoflague than anything else?
how about the "big boys" from the S&P coming over to ER2, sweeping the books and manipulating the mkt.
Sharks love to eat small fish. If there is a way to make money, they will. you would do the same thing.....