Como se evita um CRASH ....
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sera assim tao linear??!!?
se evitou um crash nao sei...alias ninguem o sabe, ate pq muito escassos serao akeles em condiçoes de opinar sobre isso ; agora uma coisa eh real, a forma abrupta como a queda se deu logo apos a saida do ism, provocando uma serie de divergencias consideraveis, em principio nao pronunciava alimento pa continuar o move...pelo menos ali e dakela forma (alias reaçoes demasiado emotivas a indicadores normalmente ha k ficar de pe atras, basta ver o k sucedeu esta semana com indicadores mais positivos). eh claro k se sim ou nao, isso nao se vai saber, depende da opiniao de cada um, mas tb nada o impederia (o YM no ACE, ate continuou a funcionar alias)se fosse esse o objectivo traçado pelos "samurais" do mercado!!alias na altura em k o globex parou, o mkt ate estava a fazer um higher low.
E se o objectivo for esse, ele falo.a de qq forma!
Sim, ja sei o k estao a pensar, sim estou longo em ES, a media de 905.75 (alias disse.o no msn na altura e k estava logicamente preocupado com esta situaçao e ainda estou pq ainda nao consegui closar)e entao isso poder-me-a "subornar" o raciocinio? eh possivel...talvez, mas nao menos a kem defende a visao contraria e estava short!
uma coisa eu sei, neste "metier" tudo eh possivel e nada do k possa suceder me espanta..."eles" eh k mandam!
ganda xi
OSanto
E se o objectivo for esse, ele falo.a de qq forma!
Sim, ja sei o k estao a pensar, sim estou longo em ES, a media de 905.75 (alias disse.o no msn na altura e k estava logicamente preocupado com esta situaçao e ainda estou pq ainda nao consegui closar)e entao isso poder-me-a "subornar" o raciocinio? eh possivel...talvez, mas nao menos a kem defende a visao contraria e estava short!
uma coisa eu sei, neste "metier" tudo eh possivel e nada do k possa suceder me espanta..."eles" eh k mandam!
ganda xi
OSanto
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OSanto
Como se evita um CRASH ....
=DJ CME Globex Glitch Halts Trade, Causes Chaos
By Kristina Zurla
Of DOW JONES NEWSWIRES
CHICAGO (Dow Jones)--The Chicago Mercantile Exchange Inc.'s (CME) electronic
Globex trading platform faced a technical glitch Thursday that halted trade in
all electronic futures products on the system from 10:40 a.m. Central time
through the remainder of the regular trading day at 3:15 p.m. Central, creating
market chaos.
The situation was also believed to have contributed to unusual swings in
market prices that were trading via traditional open-outcry.
As of late Thursday afternoon, it was unknown how many trades were affected by
the problem or the monetary value involved.
An exchange spokesperson said there were problems with the network switching
on Globex that made "a significant number of users" unable to access or get
information about their orders. He said any day and session orders were
eliminated from the system before its reopening, as well as any in a wait, or
"pending acceptance" state that went unfilled.
E-mini stock index futures are responsible for the bulk of the volume on the
Globex system, and traders reported orders that normally would have been done on
Globex had to be routed through the open-outcry trading pits, boosting
pit-trading volume. They also reported the problems may have contributed to a
strange wave of late-day buying in the equity markets, because without knowing
how the CME would handle the affected trades, many felt short, and stranded
futures positions facing losses might rush to cover those positions once the
Globex system came back online.
The e-mini Standard & Poor's 500 contract was halted at 905.00, while the
e-mini Nasdaq futures were halted at 1099.00, both significantly below where the
open-outcry contracts ended the regular trading day at 915.00 and 1113.50,
respectively. Arbitrage typically ensures both e-mini and open-outcry market
prices trade in line with one another.
But just what the financial magnitude the problem had on the market or
individual firms was hard to say. "This is probably just one of those unanswered
questions that is based on many complicated factors," said Richard Canlione,
vice president of institutional financial futures with Salomon Smith Barney.
Each 0.25-point move in the e-mini S&P contract is worth $12.50, so a firm
short one contract at the halted price would've lost $500 on the trade based on
the S&P open-outcry settlement. The notional, or underlying value of e-mini S&P
futures is $50 times the index, or $45,250 based on the 905.00 price level.
While any gains or losses would depend on what affected individuals did to
offset trades, how many positions they held and/or where they were positioned
amid the shutdown, it certainly created chaos.
"It has created an additional layer of confusion and a major bookkeeping
problem for me, to say the least," said George DeMarcilla, branch manger with
Alaron Trading. He said participants trading sizable accounts, including
himself, mostly turned to the bigger, open-outcry traded S&P 500 or Nasdaq 100
futures contracts to offset the e-mini positions. The e-mini stock index futures
contracts are one-fifth the size of the open-outcry standard contracts.
But smaller traders holding a just few e-mini positions probably couldn't have
used the bigger-sized contract in the same fashion, and some could have been "in
deep trouble," he added.
Volume in the Chicago Board of Trade's e-mini Dow Jones Industrial Average
futures contract got a lift as a result of the CME problems, as some of the
affected Globex users who were also able to trade CBOT products turned to the
contract as an offset and an alternative trading vehicle. The e-mini Dow futures
contract is priced at 1/2 the size of the open-outcry Dow futures contract and
trades on the a/c/e electronic platform.
"Volume has picked up, and this is definitely the reason," said David Graff, a
principal in proprietary trading firm Stat Capital, who trades Dow futures.
"Those who needed to do something, to lay off positions, were able to look to
the Dow as an alternative," he said. E-mini Dow futures saw an estimated 35,356
contracts trade Thursday.
-By Kristina Zurla, Dow Jones Newswires; 312-750-4132;
kristina.zurla@dowjones.com
(END) Dow Jones Newswires
01-05-03 2127GMT(AP-DJ-05-01-03 2127GMT)
May-01-2003 21:27 GMT
Symbols:
US;CME
Source DJBK Dow Jones Bankers Wire
Categories:
I/SCR N/BKG N/CMDI N/DJI N/DJIV N/DJMO N/DJPT N/EWR N/WER N/CNW N/DJS
N/DJSS N/DJWB N/DJWI N/DRV N/OSAG N/OSCM N/OSTR N/SIF N/XCH M/FIN M/NND R/IL
R/NME R/US R/USC MST/I/SCR MST/I MST/F/DRV MST/F/FUT MST/S/XCH MST/R/US/IL
MST/R/NME MST/R/US
By Kristina Zurla
Of DOW JONES NEWSWIRES
CHICAGO (Dow Jones)--The Chicago Mercantile Exchange Inc.'s (CME) electronic
Globex trading platform faced a technical glitch Thursday that halted trade in
all electronic futures products on the system from 10:40 a.m. Central time
through the remainder of the regular trading day at 3:15 p.m. Central, creating
market chaos.
The situation was also believed to have contributed to unusual swings in
market prices that were trading via traditional open-outcry.
As of late Thursday afternoon, it was unknown how many trades were affected by
the problem or the monetary value involved.
An exchange spokesperson said there were problems with the network switching
on Globex that made "a significant number of users" unable to access or get
information about their orders. He said any day and session orders were
eliminated from the system before its reopening, as well as any in a wait, or
"pending acceptance" state that went unfilled.
E-mini stock index futures are responsible for the bulk of the volume on the
Globex system, and traders reported orders that normally would have been done on
Globex had to be routed through the open-outcry trading pits, boosting
pit-trading volume. They also reported the problems may have contributed to a
strange wave of late-day buying in the equity markets, because without knowing
how the CME would handle the affected trades, many felt short, and stranded
futures positions facing losses might rush to cover those positions once the
Globex system came back online.
The e-mini Standard & Poor's 500 contract was halted at 905.00, while the
e-mini Nasdaq futures were halted at 1099.00, both significantly below where the
open-outcry contracts ended the regular trading day at 915.00 and 1113.50,
respectively. Arbitrage typically ensures both e-mini and open-outcry market
prices trade in line with one another.
But just what the financial magnitude the problem had on the market or
individual firms was hard to say. "This is probably just one of those unanswered
questions that is based on many complicated factors," said Richard Canlione,
vice president of institutional financial futures with Salomon Smith Barney.
Each 0.25-point move in the e-mini S&P contract is worth $12.50, so a firm
short one contract at the halted price would've lost $500 on the trade based on
the S&P open-outcry settlement. The notional, or underlying value of e-mini S&P
futures is $50 times the index, or $45,250 based on the 905.00 price level.
While any gains or losses would depend on what affected individuals did to
offset trades, how many positions they held and/or where they were positioned
amid the shutdown, it certainly created chaos.
"It has created an additional layer of confusion and a major bookkeeping
problem for me, to say the least," said George DeMarcilla, branch manger with
Alaron Trading. He said participants trading sizable accounts, including
himself, mostly turned to the bigger, open-outcry traded S&P 500 or Nasdaq 100
futures contracts to offset the e-mini positions. The e-mini stock index futures
contracts are one-fifth the size of the open-outcry standard contracts.
But smaller traders holding a just few e-mini positions probably couldn't have
used the bigger-sized contract in the same fashion, and some could have been "in
deep trouble," he added.
Volume in the Chicago Board of Trade's e-mini Dow Jones Industrial Average
futures contract got a lift as a result of the CME problems, as some of the
affected Globex users who were also able to trade CBOT products turned to the
contract as an offset and an alternative trading vehicle. The e-mini Dow futures
contract is priced at 1/2 the size of the open-outcry Dow futures contract and
trades on the a/c/e electronic platform.
"Volume has picked up, and this is definitely the reason," said David Graff, a
principal in proprietary trading firm Stat Capital, who trades Dow futures.
"Those who needed to do something, to lay off positions, were able to look to
the Dow as an alternative," he said. E-mini Dow futures saw an estimated 35,356
contracts trade Thursday.
-By Kristina Zurla, Dow Jones Newswires; 312-750-4132;
kristina.zurla@dowjones.com
(END) Dow Jones Newswires
01-05-03 2127GMT(AP-DJ-05-01-03 2127GMT)
May-01-2003 21:27 GMT
Symbols:
US;CME
Source DJBK Dow Jones Bankers Wire
Categories:
I/SCR N/BKG N/CMDI N/DJI N/DJIV N/DJMO N/DJPT N/EWR N/WER N/CNW N/DJS
N/DJSS N/DJWB N/DJWI N/DRV N/OSAG N/OSCM N/OSTR N/SIF N/XCH M/FIN M/NND R/IL
R/NME R/US R/USC MST/I/SCR MST/I MST/F/DRV MST/F/FUT MST/S/XCH MST/R/US/IL
MST/R/NME MST/R/US
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