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Strategies & Market Trends : Waiting for the big Kahuna
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To: William H Huebl who wrote (69483)6/16/2004 6:45:08 AM
From: Real Man  Read Replies (2) of 94695
 
I thought I'd pass this, it looks very bad...

"Only have a minute but, write more later but... The entire S&P price
action in the futures is being controlled by one counter party. All
the guys frickin hate them: their CME clearing number is 990N and
they clear through Gelbel trading. That one account is solely
responsible for the current level of the S&P. They are the ones that
are throwing the S&P up overnight. Then they are the ones that are
sitting on the bid all day long, supporting the market action. The
S&P pits have been decimated, absolutely ruined. There is no
volatility, so all the traders have left. Now the hot pit is the
Eurodollar pit. Go figure, that used to be like watching paint dry.
All the traders I have talked to view the market as being rigged.
They keep waiting for the price action to break loose, but it never
does. They are stunned by the lack of volatility. And
furious. "time after time after time 990 just sits there on the
bid. Don't they ever go away. They just absorb the entire market
and then push the price whereever they want it to go." Gee, I wonder
who that counter party is. They are all terrified of shorting,
because every time they do, they get drilled. I thought it was just
my systems that weren't working that well, but they are far more
dispirited than I. Gotta go. Be back at you all in the next couple
days."
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