Now to NK's points--
ON THE SPLITTING OF THE S&P CONTRACT:
NK is absolutely right that the contract was split -- as per the CME excerpt that I have already posted.
I have made two trades since that date -- I went short the S&P futures once and closed out the position and went long once. I went long the S&P futures when I reversed my short position and I am still long.
I have traded the S&P futures since 1984 on a regular basis--once in while before that date. The futures have been ALWAYS been worth $500 per point since its inception in 1982 (I think), until its recent split. As a result, I have been used to associating a point move with $500 and have posted this numerous times in the past, on the options thread. I did so again in my postings subsequent to the split. I was wrong about this and NK is right---but to state that because I made this mistake through force of habit, it therefore proves that I am a liar, deceitful, "a back-trader" and on and on, says more about the poster than about me, IMO.
The impending split of the S&P futures was a somewhat publicised event -- though not as heralded as the introduction of the mini-S&P. I received information about it from my broker, it was in the WSJ, the IBD and I think I recall it being mentioned on CNBC, as well. So, the knowledge of the split occurring was hardly this event that only experienced futures traders would only know. |
