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Strategies & Market Trends : Trading the SPOOs with Patrick Slevin! -- Ignore unavailable to you. Want to Upgrade?

To: SE who wrote (131)	7/5/1999 6:10:00 PM
From: Patrick Slevin	Respond to of 7434

Dumped it Sunday. Had a few other traders with me who thought what I did was kinda funny. Yeah, it's hilarious now. I'm flat.....dropped out last night. I'm thinking the Globex swing is too large,,,,,,,,,hope it drops like a rock on Tuesday Open so I can Buy to fill the Gap then book. there has been a six point swing already. Something does not strike me as "right", if you catch my meaning.....if you get my drift.

To: SE who wrote (131)	7/5/1999 10:51:00 PM
From: Patrick Slevin	Read Replies (1) \| Respond to of 7434

I saw the following comments posted and thought that I would pass them on. The post made by "Patrick" is not from me, and personally I don't agree with the approach. It was part of the exchange, however, and so I included it. ============================================ Subject: E-mini If this is true or not I can't say. It was sent to me by a friend and I thought that it might be of interest to the group. Ira. Subj: Fw: (fwd) Re: Electronic Trading Date: 6/28/99 3:24:15 PM Pacific Daylight Time FYI sorry, but the e-mini s&p is not ready for the big time and the merc knows it. some ex-s&p 1 lot floor traders are now trading 25 and 50 lots on e-mini terminals and can easily blow thru stops creating large multi-handle e-mini price spikes while the big s&p barely budges. TJ Just set up an indicator that alerts you when there is a large discrepency between the S&P and the EMINI and jump in there to take the other side of all or part of that large order on the EMINI. If you're quick, you may be able to do enough of these off-floor arbs to make it worthwhile, depending on the volatility. Lifting the order limit would make the EMIni move even faster (if that's possible) but would also allow more of the large firms to jump in and eliminate the large discrepencies that sometimes occur between the big S&P. Patrick Subject: Re: E-mini This does happen occasionally and is a legitimate reason to be aware of where large clusters of resting orders a likely to be placed. This is almost always obvious on the charts (usually around pivots, inter-day highs, lows and previous days highs and lows). However, I beg to differ with the comment that the mini is not yet ready for the big time. It is the future and the floor knows it. The fact that some on the floor have figured out yet another way to "leverage" their advantage at the expense of off floor traders is not surprising but is part of the reason electronic trading will eventually dwarf the pits as markets (information) truly open up and the field is made a bit more level for all participants. Right now the occasional outlying spikes that occur in the mini are an inconvenience but in the bigger picture the mini consistently provides better liquidity at all price levels and in all market conditions over the big contract. Also, if these spikes increase in frequency they will be providing the alert off floor with an identifiable and profitable opportunity! Regards, Tom Alexander